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China: Glencore Xstrata chooses mine buyer for $6B

By  |  April 14, 2014

Mining giant Glencore Xstrata has reportedly chosen a group of China-based companies to acquire a key mine in Peru for $6 billion.

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    The Las Bambas copper mine will be sold to a consortium headed by top metal mining firm China Minmetals Corporation. China Minmetals’ MMG Limited subsidiary will hold a majority stake in the assets with a 62.5 percent ownership.

    Reports say the buyers will also cover mine development costs.

    Las Bambas was the subject of Chinese regulatory scrutiny when the nation’s Ministry of Commerce ordered Glencore and Xstrata to divest the mine as a condition of their $30 billion merger; MOFCOM scrutinized the merger for more than one year, eventually clearing the transaction with conditions last April.

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