A few wire service reports around that Chinalco is in the final stages of agreement with Glencore/Xtrata (GX) regarding the sale of Las Bambas copper mine in Peru for about $5bil.This is part of the conditions that China set to allow the merger of GX a few months ago. GX of course is not keen on greenfield developments but they are hardly being rushed off their feet with offers for Freida.Maybe,just maybe they could use a bit to fund their equity in Freida rather than just walking away from it all.They would still be required to guarantee our debt funding. Anyway I now think its a possibility Price of copper especially in Aussie dollars looking pretty good.Sure would like to have an operating mine.
HIG Price at posting:
6.9¢ Sentiment: Buy Disclosure: Held
