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China: Bidding interest peaks for Glencore mine with first offer

 |  October 3, 2013

Following reports that Chinese regulators may allow firms to compete in bidding for one of Glencore-Xstrata’s mines, China-based Minmetals announced its first-found bid for the Peru-based asset worth $5.9 billion.

Chinese regulators required Glencore to make certain divestments, including the Peruvian Las Bambas mine, to earn clearance for its merger with Xstrata.

The Las Bambas copper mine is now up for grabs as Minmetals confirmed its “cautious” approach to launching a bid for the asset.

Reports name Chinalco Mining Corp and Jiangxi Copper as additional possible bidders within China, according to sources.

Full Content: Reuters

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