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China: Regs may allow bidding for Glencore mine

By  |  September 10, 2013

Mining giant Glencore Xstrata told reporters Tuesday that potential buyers of its Las Bambas mine in Peru could be allowed by Chinese regulators to bid against each other for the asset, worth $5.9 billion. The mine’s sale was part of concessions agreed upon earlier this year with China following Glencore’s buyout of Xstrata.

Despite significant interest in the mine – with Chinalco Mining Corp., MMG and Jiangxi Copper among the potential buyers – Glencore has been uncertain as to whether regulators would allow bidding between Chinese firms for the mine, or if they would choose a buyer.

In a statement, Clencore Chief Executive Ivan Glasenberg said the interest for the Peruvian mine within China has been “robust.”

Full Content: Reuters

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