UPDATE 3-Glencore to spin off gold unit, H1 profit surges

* To spin off or float gold assets in 2011

* Gold assets worth more than $5 bln - source

* Drops idea of having strategic partner for Prodeco

* H1 EBITDA jumps 69 pct to $2.63 bln

(Adds comments from source on valuation, Prodeco, CDS)

By Martin de Sa'Pinto and Eric Onstad

ZURICH/LONDON, Aug 26 (Reuters) - Glencore [GLEN.UL] unveiled plans on Thursday for spinning off or listing its gold assets, which may be worth over $5 billion, as it reported a surge in first-half profits due to strong metals prices.

Swiss-based Glencore, the world's biggest commodities trader, has also dropped the idea of finding a partner for its Prodeco coal assets, a source close to the situation said.

Glencore said in a statement it planned a partial spin-off or initial public offering of its Kazzinc gold unit next year.