Firms line up bids for Glencore’s Peru copper mines

Suzie Neuwirth

TWO Chinese companies are bidding for Glencore Xstrata’s copper mines in Peru, in a deal valued at £3bn.

Chinalco Mining Corp International and Hong Kong’s MMG group are both lining up offers and the sale process is also expected to attract from Indian bidders, according to sources cited in Reuters.

Glencore agreed to sell the Peruvian assets as part of an agreement with the Chinese antitrust regulator relating to its takeover of Xstrata earlier this year.

Glencore has hired BMO Capital Markets and Credit Suisse to advise on the sale.