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February 2, 2023

China group buys USD 6bn Glencore Peru copper mine

A Chinese consortium is buying Glencore Xstrata’s copper mine in Peru in a USD 6 bn all-cash deal, marking one of China’s largest mining acquisitions, bbc.com informs. The consortium is led by MMG Limited and includes China’s Citic Metal. The acquisition is subject to regulatory approvals but all parties expect the deal to be done by the end of September. Analysts expect Glencore to use the proceeds from the sale to reduce its debt. The mine is expected to produce more than 450,000 tonnes of copper a year in its first five years. China relies heavily on the metal, which is used in electronics production. Ivan Glasenberg, Glencore’s chief executive, said in a statement: “Since we acquired Xstrata… our team has taken decisive steps to de-risk Las Bambas, which has culminated in this compelling offer from the consortium.”

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