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Thursday, Oct 10
Two Chinese firms make second round for Glencore mine bid
- Glencore Xstrata (GLCNF.PK) appears to be making headway in its effort to satisfy a Chinese regulatory requirement that it sell the Las Bambas copper project in Peru, as WSJ reports two of four Chinese companies that made initial bids for the mine were invited back for second bids.
- The $5.9B project is 43% complete and slated to start producing copper in H2 2015 at a rate of 450K metric tons/year for the first five years.
- If a Chinese bid for Las Bambas succeeds, the deal would be the country's biggest acquisition of an overseas copper asset.