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Chinese corporations are planning to buy a copper mine Las Bambas

3 October 2013

Leading Mining Corporation of China — «of Jiangxi Copper's» and «MMH» (separately) formally submitted requests for the acquisition of Las Bambas copper mine (Peru) at its existing owner — the corporation «Glencore Xstrata». As indicated in the Asian media in the event of a successful bid, regardless of which of these companies will win the tender, Las Bambas mine could become the largest overseas acquisition in China's copper industry. Meanwhile, the Anglo-Swiss company is not sure that the new owner will be copper asset is the operators of the market: in addition to these companies to show interest this project and other leading international corporations.

It is now believed that the mine Las Bambas (it is a copper deposit, located near the Peruvian town of Cuzco) will begin its work at the end of 2015. Its projected capacity is estimated at 400 thousand. Tonnes of copper per year. Experts have expressed the view that in order to enter the mine in full commercial operation of the asset owner will have to make about 6 billion. US dollars investment. In this earlier analysts estimated the total reserves of the mine at Las Bambas 10.5 mln. Tons of refined copper. It is also known that the addition of the metal ore in the deposit rock are significant reserves of silver, gold and molybdenum.

Recall that «Glencore Xstrata» (considered one of the most successful participants in the mining business) in the first half of this year (compared to the same period last year) decreased its net profit by 39% — up to 2 billion dollars… With regard to the adjusted EBITDA of the company, the figure in this period decreased by 9% (up to 6 billion. Dollars). Previously also reported that as a financial advisor for the transaction for the sale of Las Bambas «Glencore Xstrata» attracted several assistants, which appeared in the list of corporation «Credit Suisse Securities» (Europe) and «BMO Capital Markets Ltd.».

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