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.

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