A lot of action in Peru at the moment. Minmetals Group to Buy...

A lot of action in Peru at the moment.

Minmetals Group to Buy Glencore Peru Mine for $5.85 Billion - Bloomberg
A group led by a unit of China Minmetals Corp. agreed to pay Glencore Xstrata Plc $5.85 billion for the Las Bambas copper mine in Peru, as China seeks greater control over supplies of the metal. Buying Las Bambas gives the group led by state-owned Minmetals’s MMG Ltd. control of a mine that’s scheduled to produce 400,000 metric tons of copper a year from 2015, equivalent to 12.5 percent of 2013 imports of copper metal by China, the world’s biggest buyer. The sale also satisfies the final condition of Chinese regulators for Glencore’s $29 billion takeover of Xstrata Plc. MMG holds a 62.5 percent stake in the group buying Las Bambas. The consortium also includes Guoxin International Investment Corp., with a 22.5 percent stake, and Citic Metal Co., with 15 percent, Glencore said. The deal is subject to approval by regulators and by MMG shareholders. Minmetals, which holds about 74 percent of MMG, has committed to vote in favor of the purchase, Glencore said. Proceeds from the sale will immediately be used to reduce debt, Glencore said. The company will also look at reinvesting capital and returning some of it to shareholders.