The Wall Street Journal
China’s largest copper producer by output, Jiangxi Copper Co, said it plans to bid for the Peruvian copper mine owned by commodities giant Glencore Xstrata, raising the prospect of a Chinese consortium’s pursuing the $5 billion project.
Glencore agreed to sell the mine, called Las Bambas, as a condition of getting approval from China’s Ministry of Commerce for its merger in April with Xstrata.
“We are currently considering plans to make the purchase, but haven’t talked about a specific price,” Jiangxi Copper Board Secretary Pan Qifang said Friday.
Glencore has said the mine will cost $5.2 billion to develop.