HONG KONG Aug 23 China's top copper producer
Jiangxi Copper Co Ltd is interested in buying
Glencore Xstrata Plc's $5 billion-plus Las Bambas
copper mine in Peru, people familiar with the discussions told
Jiangxi may eventually team up with either Chinalco Mining
Corp International or MMG Ltd, which are
also evaluating bids for the mine, one of the sources said.
All the sources declined to be identified due to the
confidential nature of the discussions.
Glencore has invited first round bids for the Las
Bambas mine by mid-September, and hopes to complete the process
by the end of this year. Glencore agreed to sell the mine in
return for Beijing's blessing for Glencore's $35 billion
purchase of Xstrata.
Under a deal struck with Beijing's Ministry of Commerce in
April, Glencore has until end-August 2014 to find a buyer but
Glencore CEO Ivan Glasenberg said this week he hoped to reach a
sale agreement by the end of this year.
Chinalco Mining Corp is working with Goldman Sachs
and Morgan Stanley for its planned bid, while MMG has
engaged Citigroup and Bank of America Corp, the
Glencore did not reply to an email seeking comment for this
story. MMG and Jiangxi declined to comment.
Citigroup and Bank of America declined to comment, while
Goldman Sachs and Morgan Stanley did not offer an immediate