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Chinese miners compete for Glencore's Las Bambas project in Peru

  • Two of China's biggest mining companies put in indicative bids for Glencore's (GLCNF.PK, GLNCY.PK) Las Bambas Peruvian copper project earlier this month, WSJ reports, in a rare case of state-owned firms competing with each other for an overseas asset.
  • MMG and Jiangxi Copper have submitted separate, non-binding offers for the mine; it's not clear whether Aluminum Corp. of China (ACH), which had expressed interest, had submitted a bid for the mine, which isn't producing copper yet and is expected to cost ~$5.9B to complete.
  • China imports ~3.4M tons/year of refined copper and consumes more than 30% of global copper production.
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