17 February 2019

Glencore Xstrata makes headway in Peru mine sale, WSJ says

Glencore Xstrata Plc’s effort to meet a Chinese regulatory requirement that it sell a Peruvian copper project has advanced, with two of the four Chinese companies that made initial offers for the mine invited back to conduct due diligence and participate in a second round of bidding, the Wall Street Journal reported Thursday, citing people familiar with the situation. The former Glencore International Plc agreed to sell Xstrata Plc’s Las Bambas project in Peru, which will cost US$5.9 billion to develop, in order to secure Chinese regulatory approval for its US$44.6 billion acquisition of Xstrata, which closed in May, the report said. The Las Bambas deal will need approval from China’s Ministry of Commerce, it added.

– Contact HKEJ at [email protected]


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