Officials at Glencore Xstrata plc have announced the sale of their entire stake in the massive Las Bambas copper mine in Peru. The Swiss conglomerate has appointed BMO Capital Markets Ltd. and Credit Suisse Securities Ltd. as financial advisers.
The announcement is in accordance with commitments to the Chinese Commerce Ministry, according to company officials, adding that “a diverse group” of international companies and investors have expressed interest. Glencore Xstrata, worth more than $70 billion, is the recent outcome of the biggest mining megamerger in recent history.
Located near Cuzco with more than 10.5 million metric tons of copper resource, Las Bambas is in advanced construction and due to start production in 2015.