Friday, October 24, 2014   

MMG has Glencore’s Peru copper mine in its sights
(03-19 19:34)

MMG Ltd, the overseas arm of Chinese state-owned Minmetals, confirmed it was in talks with mining giant Glencore Xstrata to buy its Las Bambas copper mine project in Peru.
But Australia-based MMG admitted there was no guarantee a deal could be agreed.
The company is part of a consortium bidding for the project which includes Hong Kong-registered Guoxin International Investment Corporation and China's CITIC Metal.
In a statement to the Hong Kong Stock Exchange, MMG said discussions were taking place with Glencore International AG – a subsidiary of Glencore Xstrata – about the acquisition of the mine.
Swiss commodities trader Glencore secured Chinese backing for its May 2013 merger with mining giant Xstrata by agreeing to sell its interest in the Las Bambas copper mine project by the end of this September.
The Las Bambas copper mines are not yet operational.—AFP


   
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