Glencore to sell Las Bambas for Xstrata approval
LONDON, April 16
LONDON, April 16 (Reuters) - Commodities trader Glencore said it would sell its interest in Xstrata's Las Bambas copper project in Peru after it buys the miner, clearing a final hurdle set by Chinese regulators for the multi-billion dollar deal.
The company also announced that Xstrata Chief Executive Mick Davies would step down from Xstrata on completion of the merger.
Glencore said on Tuesday it would sell its interest in the project to a purchaser approved by China's Ministry of Commerce (MOFCOM) by Sept. 15 2014.
China conditionally approved the $35 billion acquisition earlier on Tuesday, with the proviso that it begins selling off assets in its Las Bambas copper mine within three months, and that Glencore should also provide certain amounts of copper, zinc and lead cencentrates to Chinese clients.