WSJ: Glencore nears sale of its Las Bambas Peruvian copper project

Glencore Xstrata (GLCNF, GLNCY) is close to reaching an agreement on the multibillion-dollar sale of its Las Bambas copper project in Peru to a Chinese consortium and could announce the deal as early as tomorrow, WSJ reports.

The management of both Glencore and China Minmetals, the state-controlled copper company leading the Chinese consortium, reportedly are set for a final meeting Tuesday in London with an aim toward signing an agreement.

China accounts for ~40% of global copper demand, and Las Bambas would give it greater control over the global market; Glencore has forecast the mine's annual output for the first 10 years at 460K metric tons of copper in concentrate.

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    , contributor
    Comments (14) | Send Message
    Will share holders get any benefit from this sale or just more pain
    18 Mar 2014, 09:17 AM Reply Like
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