China Minmetals Corp. has submitted a first-round bid for Glencore-Xstrata’s US$5.9 billion Las Bambas copper mine in Peru, Reuters reported Thursday, citing Gu Liangmin, managing director of the Chinese state-owned metals and mining company. “We have come to the first round of bids for Las Bambas. I can assure that Minmetals is very realistic and all our actions should be rational and not too aggressive,” Gu was quoted as saying at the Metal Bulletin copper concentrates conference in London. Glencore-Xstrata agreed to sell Las Bambas this year to meet demands from China’s antitrust authorities after Glencore’s takeover of mining group Xstrata. The regulator feared the tie-up handed the newly formed commodities powerhouse too much clout in copper, the report noted.
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