Glencore buys Peru copper assets

Commodities giant Glencore is buying a 70 per cent stake in copper businesses in Peru.

Marcobre, which owns the Marcona Copper property and the Mina Justa exploration and development project, had a price tag of $475m (£295m).

The the acquisition is expected to be completed in October.

“Mina Justa would ideally complement Glencore's existing polymetallic mining operations in Peru, and add significant value to our worldwide group of copper mining assets,” said Daniel Mate, co-director of Glencore’s zinc/copper/lead department.