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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.

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    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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