Glencore sells Peruvian copper project Las Bambas for £3.7bn

Suzie Neuwirth
GLENCORE Xstrata yesterday confirmed the long-awaited sale of its Peruvian copper mine Las Bambas to a consortium for $6.25bn (£3.73bn), as demanded by the Chinese antitrust regulator last year in return for merger approval.

China Minmetals-backed Australian resource company MMG owns a 62.5 per cent stake in the consortium, with Chinese firms Guoxin International Investment and Citic Metal holding the remainder.

The FTSE 100-listed miner-trader said buyers would pay around $400m for costs incurred in developing Las Bambas since the start of the year, on top of the $5.85bn deal value. BMO Capital Markets and Credit Suisse are advising Glencore.