Newmont, Blackstone part of group looking at $6B copper mine

|By:, SA News Editor

Teck Resources (TCK), Newmont Mining (NEM), Blackstone (BX) and Magris Resources, a firm led by former Barrick CEO Aaron Regent, have joined together to bid for Glencore Xstrata's (GLCNF) Las Bambas copper mine in Peru.

Initial bids for the project came it at $6B, with the next round due in December.

The frontrunner has so far been China's Minmetals (MMETY), especially given the country's need for copper.

Glencore Xstrata is selling Las Bambas as part of the conditions that China gave for approving Glencore's merger with Xstrata.