Chinese Bid for Glencore Mine is Delayed

by swisscham in Business

Talks between Glencore Xstrata and the Chinese buyers of its Las Bambas copper mine in Peru have hit a snag over the price. It was unclear how much a consortium led by state-controlled China Minmetals Corp. was willing to pay, but a person familiar with the matter said Glencore’s reserve price is “much higher” than USD 5.5 billion. While the Minmetals group still may strike a deal, the agreement has taken longer to conclude than expected, people familiar with the matter said. There is no dialogue between the two sides at the moment and Minmetals is considering its options, two people familiar with the matter said. A March 4 internal deadline to announce the deal is unlikely to be met, they said. Glencore International PLC had agreed to sell Las Bambas to gain Beijing’s approval for the company’s multibillion-dollar merger with Xstrata PLC last year.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Your Swiss Business Platform in China

SwissCham China has roughly 600 company members. Our Chamber maintains a strong relationship with the Embassy of Switzerland, Swiss Global Enterprise, Swissnex and Switzerland Tourism. As the representative of the Swiss companies established in China, our goal is to help you to increase your business and visibility, especially amongst the Sino-Swiss business community.

Become A Member

Sign Up For Our Newsletter

  • This field is for validation purposes and should be left unchanged.
October 14, 2021
Published By prnasia.com in Business
October 13, 2021
Published By global.chinadaily.com.cn in Bank / Finance / Insurance
October 7, 2021
Published By reuters.com in Engineering / Manufacturing
September 28, 2021
Published By s-ge.com in Business
September 18, 2021
Published By Consulate General of Switzerland in Guangzhou in Bilateral Relations