WSJ: Glencore talks over Las Bambas mine sale have stalled

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

Talks between Glencore Xstrata (GLCNF, GLNCY) and the China Minmetals-led consortium over a potential purchase of the Las Bambas copper mine in Peru have hit a snag over the price the Chinese buyers are willing to pay, WSJ reports.

While a ~$5.5B deal for the giant copper mine reportedly isn't dead, the deal has taken longer to conclude than expected and a March 4 internal deadline to announce the deal looks like it will be missed; Glencore had agreed to sell Las Bambas as a precondition for approval from Beijing for its merger with Xstrata last year.

Las Bambas was about 45% complete as of the middle of last year and is due to start production in H2 2015.