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China consortium seeks a stake in Peru copper mine
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MMG Ltd, an overseas unit of China Minmetals Corp, confirmed today that it is in talks with Glencore Xstrata for acquiring a stake in the Las Bambas copper project in Peru, but no binding agreement has been reached.
Melbourne-based MMG said it has formed a consortium with Guoxin International Investment Corp and CITIC Metal Co to bid for the stake, according to its filing to the Hong Kong stock exchange.
“There is no assurance that a binding agreement will be reached by MMG in connection with the acquisition or the acquisition will materialize,” MMG said.
Swiss mining giant Glencore was required to sell Las Bambas by Chinese regulators in order to get China’s approval for its takeover of Xstrata, a coal and copper producer, last year.
Reuters reported earlier that the acquisition by the Chinese consortium is expected to cost more than US$5 billion, making it China’s biggest mine acquisition worldwide.
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