Glencore Xstrata’s Peruvian Copper Project Gets Attention from Two Chinese Miners

According to The Wall Street Journal, two Chinese mining firms, MMG Ltd and Jiangxi Copper Co, have submit bids for Glencore Xstrata’s Peruvian copper project.

The publication reported that:

At stake is one of the world’s largest copper-mining assets, providing a rare opportunity for the eventual buyer. The Las Bambas mine, which isn’t producing copper yet, will cost an estimated $5.9 billion to complete…The interest in Las Bambas from China, the world’s largest copper buyer, underscores Beijing’s continued interest in securing supplies of the metal overseas, despite the country’s slowing economy. An 8.4% decline in global copper prices this year has sparked interest from Chinese miners looking to get bargains.

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