Glencore Sells Las Bambas Copper Mine to Chinese Consortium for $5.85 Billion

Reuters reported that Glencore Xstrata plc (LSE:GLEN) has sold its interest in the Peruvian Las Bambas copper mine to a Chinese consortium led by MMG Ltd. (HKEX:1208). The nearly $6-billion purchase is one of China’s largest mining acquisitions within the past several years.

As quoted in the publication:

Glencore agreed to sell Las Bambas to secure approval from China’s competition authorities for its takeover of Anglo-Swiss miner Xstrata as Beijing feared the merged group would have too much power over the copper market. A Chinese buyer had been considered a virtual certainty since Las Bambas was put on the block, given the deep pockets of China’s state-owned enterprises and China’s hunger for copper – it is already the world’s top consumer of the metal.

Click here to read the full Reuters article.