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China/Peru: Discussions heat up for Glencore mine acquisition

By  |  March 19, 2014

China’s state-owned Minmetals has confirmed it is in merger talks to acquire assets in Peru from mining giant Glencore Xstrata, say reports.

Minmetals’ MMG, its unit based in Australia, confirmed the talks but said no acquisition agreement as been made. But should a deal be struck, some experts anticipate the merger to become China’s largest mining deal, likely reaching $5 billion.

The company is reportedly looking to acquire the Las Bambas copper mine in Peru through bidding with a consortium of other mining groups. The mines were divested by former owner Glencore after it agreed to sell assets to merge with Xstrata.

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