July 16, 2013 / 6:26 AM / in 5 years

Glencore puts $5 billion Las Bambas project up for sale

LONDON (Reuters) - Glencore Xstrata (GLEN.L) formally put its $5 billion-plus Las Bambas copper project in Peru up for sale on Tuesday, in line with a demand made by China’s Ministry of Commerce in April.

“Glencore Xstrata has received numerous expressions of interest in the Las Bambas project from a diverse group of international mining companies and potential investors,” the company said in a statement.

    Glencore agreed to sell the copper project to appease Chinese regulators who in exchange gave its $30 billion takeover of Xstrata the green light earlier this year.

    Chinese state-backed groups are believed to be weighing rival bids for the asset.

    The company said that it had hired BMO Capital Markets and Credit Suisse to act as financial advisors on the sale process.

    Reporting by Sarah Young; editing by Rhys Jones

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