MMG In Talks With Glencore Xstrata For Las Bambas Mine Acquisition

News: Australia-based MMG Limited is in talks with Swiss mining company Glencore Xstrata to acquire the Las Bambas copper mine in Peru. The acquisition is expected to cost more than US$5bn and is likely to make MMG a top mid-tier diversified miner in the coming few years. An agreement could be finalised between the two parties in the week ending March 22, reports Reuters citing unidentified sources. However, China-based CITIC Group and Hong Kong-registered Guoxin International Investment are also bidding for the mine.

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Related sectors of this article: Mining
Geography: Peru
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