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

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

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.