Glencore Xstrata PLC is close to reaching an agreement on the sale of its Las Bambas copper project in Peru to a consortium led by China Minmetals Corp, the Wall Street Journal reported Monday, citing sources familiar with the matter. Officials from the two sides are set for a final meeting Tuesday in London with an aim toward signing an agreement, the report said. If all goes well, a sale of the Las Bambas mine could be announced after that, the report said. An agreement would mark one of the biggest Chinese mining acquisitions in recent years, although there is still a chance that the talks won’t lead to a deal, the Journal said.
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