WSJ: Chinese consortium is front-runner to buy Glencore copper mine

|About: Glencore Plc (GLCNF)|By:, SA News Editor

A Chinese consortium is the front-runner to buy Glencore Xstrata's (GLCNF, GLNCY) Las Bambas copper mine in Peru, WSJ reports, setting up a $5B-plus takeover that would be one of the largest foreign acquisitions by a Chinese company.

A group comprising affiliates of state-controlled China Minmetals, Citic Group and Guoxin Group is the only bidder currently left in an auction Glencore had agreed to run to win China's approval for its takeover of Xstrata.

Las Bambas, scheduled to start production in H2 2015, will be able to produce 450K metric tons/year of copper for the first five years and 300K during its remaining operating life, Glencore has said.