Glencore Xstrata announced the sale of its US$5 billion-plus Las Bambas copper project. The sale is in line with the current demand made by the China's Ministry of Commerce last April. Glencore opted to put the US$5 billion plus project on the block to appease China's regulators in exchange for the US$30 billion takeover for Xtrata earlier this year.
Glencore Xstrata is a multinational commodity trading and mining company with headquarters in Baar, Switzerland. The company's registered office is located in Saint Helier, Jersey. The company was formed through a merger between Glencore and Xstrata late May 2, 2013.
"Glencore Xstrata has received numerous expressions of interest in the Las Bambas project from a diverse group of international mining companies and potential investors," the company said in a statement.
Glencore announced that they hired Credit Suisse and BMO Capital Markets to act as the financial adviser for the sale process.
Join the Conversation