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Chinalco Mining Corp International, MMG Ltd Said To Pursue Glencore Xstrata PLC's $5 Billion Peru Copper Assets-Reuters

Tuesday, 4 Jun 2013 12:41am EDT 

Reuters reported that 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. A successful bid by either Chinalco Mining Corp International or MMG Ltd group would mean the Peruvian assets end up in the hands of a buyer linked to China. 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.