Regions

Jiangxi Copper shows interest in Glencore’s Las Bambas: sources

August 23
8:00 AM 2013

Sources told Reuters that Jiangxi Copper Co Ltd was interested in acquiring Glencore Xstrata's Las Bambas mine in Peru. Jiangxi Copper is China's number one copper producer. Las Bambas is a copper mine located in Peru. It is valued at more than USD 5 billion. The sources spoke on the condition of anonymity because the discussions were confidential.

One source also revealed that the Chinese copper firm could strike an alliance with with Chinalco Mining Corp International or MMG Ltd.The deadline for the first round of bids for Las Bambas was set by Glencore in the middle of September. The company also had hoped to complete the sale by year's end.

The Las Bambas sale was part of the agreement Glencore signed with China's Ministry of Commerce last April. The terms of the agreement stipulated that Glencore would sell the mine in exchange for its USD 35 billion acquisition of Xstrata. Glencore has until the end of August next year to sell Las Bambas.

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