Glencore Xstrata sells copper mine to Chinese consortium for $5.85 billion

by swisscham in Business

Glencore Xstrata has sold its interest in the Las Bambas copper mine in Peru to a Chinese consortium in a $6 billion (3 billion pounds) cash deal, making it one of China’s largest mining acquisitions in recent years. The commodities trader said on Sunday it had sold its interest to a consortium led by Hong Kong-listed MMG Ltd, the offshore arm of China Minmetals Corp. Hong Kong-based Guoxin International Investment Corp Ltd and China’s Citic Metal Co Ltd are the other partners in the consortium. Minmetals had been reported to be the preferred bidder for the Peruvian copper mine. Glencore agreed to sell Las Bambas to secure approval from China’s competition authorities for its takeover of Anglo-Swiss miner Xstrata as Beijing feared the merged group would have too much power over the copper market.

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