18 September 2018

Chinalco Group quits bid for Peru copper mine, Bloomberg says

A consortium led by Aluminum Corp. of China Ltd. (Chinalco) has abandoned its bid for Glencore Xstrata Plc’s Las Bambas copper project in Peru, Bloomberg reported on Monday, citing a person with direct knowledge of the matter. Two groups separately led by Chinalco and China Minmetals Corp. had both offered about US$5 billion for the Las Bambas copper mine. Chinalco exited the bidding after the Chinese government asked it to be a minority partner in a combined bid led by China Minmetals Corp, it said. However, spokespersons from the two firms said they are not aware of the situation.

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