Glencore Receives Approval for Xstrata Takeover on Agreement to sell Las Bambas

Reuters reported that Glencore has cleared the final hurdle that stood in their way of their takeover of Xstrata after they agreed to sell a $5.2 copper mine to ease their monopoly on the sector.

As quoted in the market report:

Under Tuesday’s deal, Glencore has three months to begin the process of selling Las Bambas, one of the group’s biggest development projects, and must find a buyer by the end of August 2014. The trader set a minimum price, however, as the mine will be sold at the higher of either a fair market price as established by two investment banks, or total costs incurred.

To view the whole Reuters report, click here.