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Peru: Chinese firms rally to grab Glencore’s mines

By  |  June 4, 2013
Peru: Chinese firms rally to grab Glencore’s mines

Two companies based in China are reportedly initiating the competitive bidding process for Peru-based mines being sold by Glencore Xstrata. The mines are valued at nearly $4.6 billion. Unnamed sources say that Chinese-based companies Chinalco Mining Corp International and MMG group, based in Hong Kong, are both vying for a buyout; further, those sources expect to see bids entered from India-based companies as well. The mining divestments are part of an agreement made between Glencore and Chinese antitrust regulator to ease competition concerns over its acquisition of Xstrata, which took place earlier this year.

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