Chinese metals firm eyes Peruvian copper mines

State-backed metals conglomerate Chinalco Mining (3668.HKG) is looking to buy Glencore Xstrata’s (GLEN.LON, 0805.HKG) copper projects in Peru, South China Morning Post reported, citing the Chinese firm’s chief executive. The Anglo-Swiss commodities giant’s three Peru mines are reportedly worth US$5 billion. Chinalco and MMG (1208.HKG), a mining unit of state-run China Minmetals – the nation’s largest metals trader – are among potential bidders. Chinalco’s sole venture is the Toromocho copper mine in Peru, which it expects to tap out by December. This comes as economic indicators revealed surprisingly robust July demand for copper in China, the world’s largest consumer of the commodity.