china wants/needs copper

Chinalco, MMG said to pursue Glencore's $5bln Peru copper assets







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MMG Ltd

1208.HK

HK$2.13

-0.03-1.39%

06:01:00 BST




Chinalco Mining Corp International

3668.HK

HK$1.35

+0.01+0.75%




HONG KONG, June 4 | Tue Jun 4, 2013 5:41am BST

(Reuters) - Two companies linked to Chinese state-backed groups are weighing bids for Glencore Xstrata PLC's roughly $5 billion worth of copper mines in Peru, people familiar with the matter told Reuters.

A successful bid by either Chinalco Mining Corp International or Hong Kong-listed MMG Ltd group would mean the Peruvian assets end up in the hands of a buyer linked to China - the very country that forced the sale in the first place.

Glencore agreed to sell the Las Bambas project in Peru's Cotabambas and Grau Provinces as part of an agreement with China's anti-monopoly ministry. To secure Beijing's blessing for Glencore's $35 billion acquisition of Xstrata, Glencore offered to sell the project and even agreed to allow the ministry to approve of the buyer.