Reuters reports that two companies linked to Chinese state-backed groups might move to acquire GlencoreXstrata's £3bn copper mines.
GlencoreXstrata is required to sell the assets in order to meet merger conditions set by Chinese regulators. Both Chinalco Mining Corp International and Hong Kong-listed MMG could be interested in purchasing the Las Bambas project.
"The impression in the market is that China would love for this to end up in Chinese hands," said one person familiar with the process. "That would likely be an overhang on any process. No one wants to go in and spend the time and money to be a stalking horse for a Chinese bidder," the person said.