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China/Peru: Bidding opens for Glencore’s Peruvian mine as part of Chinese concessions

By  |  July 17, 2013
China/Peru: Bidding opens for Glencore’s Peruvian mine as part of Chinese concessions

Mining giant Glencore Xstrata has reportedly begun the process of selling its copper mine in Peru to fulfill concessions made to Chinese regulators in order to earn merger approval. Some believe the sale could raise as much as $6 billion. The company merged the mining and trading businesses last April; analysts say the divesture is a smart move as the Peruvian mine was not as profitable of some of its other mining assets. If the company cannot sell the mine before a September 2014 deadline, however, it will be required to auction off one of its more successful copper mines around the globe.

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