Xstrata puts £1.3bn copper project up for sale

Mining giant Xstrata has put a stake in a copper project in Papua New Guinea up for sale as it reviews its development projects.

Disposing of the stake, potentially worth more than $2bn (£1.3bn) is a response to uncertainty over global growth, rising costs and falling commodity prices.

Xstrata has not yet decided whether to sell all or part of its 81.8 per cent stake in Frieda River, and a spokeswoman said: "As part of this process we are assessing the interest of other investors in the Frieda River Project in Papua New Guinea."

Xstrata's 81.8 per cent share may be worth about $2.15bn.