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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