Chinese consortium final bidder for Peru copper mine

A Chinese consortium, comprised of China Minmetals, Citic Group and Guoxin Group, is the only remaining bidder left for Glencore Xstrata’s (GLEN.LON) Las Bambas copper mine in Peru worth US$5 billion or more, The Wall Street Journal reported. If the deal goes through and another competitor doesn’t hijack the deal, it would be one of the largest foreign acquisitions ever by Chinese companies. The project, which is due to start production in the 2015 second half, will be able to produce 450,000 metric tones of copper a year for the first five years and 300,000 during its remaining operating life.