Minmetals finally gets Las Bambas

China’s state-owned Minmetals has finally bought the Las Bambas copper mine in Peru for just short of $6bn. The asset, that could become the world’s third copper mine in a couple of years, had to be sold to get Chinese regulatory approval for Glencore’s takeover of Xstrata, Las Bambas’ owner up to now. There had been talk at some point of an almost unheard-of competition for the mine between Minmetals, Chinalco and even Jiangxi Copper, but the issue was resolved within Chinese state structures and only Minmetals was left to bid unopposed.

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