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MMG eyes Peruvian copper mine stake
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MMG Ltd, the offshore arm of China Minmetals Corp, has confirmed it’s in talks with Glencore Xstrata to acquire a stake in a Peruvian copper mine for a reported US$5 billion, but said no binding agreement has been reached.
Melbourne-based MMG yesterday said it has formed a consortium together with Guoxin International Investment Corp and CITIC Metal Co to bid for the stake in the Las Bambas project, according to a filing to the Hong Kong stock exchange.
Reuters had reported the acquisition by the Chinese consortium to cost more than US$5 billion, which would be China’s biggest mine purchase worldwide in recent years, and an agreement could be reached this week at the earliest.
But MMG said: “There is no assurance that a binding agreement will be reached by MMG in connection with the acquisition or that the acquisition will materialize.”
Swiss mining giant Glencore last year agreed to sell Las Bambas as part of an agreement with China’s competition authorities to secure its takeover of Xstrata, a coal and copper producer.
For MMG, the acquisition could help it meet its plan of becoming a mid-tier diversified miner.
Chinese firms, including Jiangxi Copper Co and Chinalco, also had bid for Las Bambas.
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