Leaving Las Bambas
We take an unseemly level of interest in Peruvian copper mine projects on FT Alphaville. It’s a side-effect of writing for Lex.
But then so too has a consortium of highly strategic Chinese resources investors (Minmetals, Guoxin International Investment, Citic)…
They’ve bought Glencore Xstrata’s stake in Las Bambas, a very big Peruvian copper asset, for $5.8bn cash, according to a release from Baar, Switzerland on Sunday:
The Las Bambas sale is worth noting, partly as a defining moment for China, Inc. The price (the buyers also have to pay for $400m in capex on the mine so far this year) will make it one of the biggest overseas Chinese acquisitions to date. ...MORE
