MMG confirms talks to buy Las Bambas mine

MMG (1208.HKG), a Melbourne-based resources company invested by state-owned China Minmetals Corporation, said on Wednesday that discussions over the acquisition of Peruvian Las Bambas copper mine from Glencore Xstrata (GLEN.LON, 0805.HKG) are ongoing, Reuters reported. The transaction is expected to reach a value of more than US$5 billion. MMG said it was bidding alongside China state-owned giant CITIC Group and Hong Kong-registered Guoxin International Investment Corp. Sources told Reuters on Monday that the Chinese consortium’s representatives were set to meet with a Glencore delegation in London, and an agreement could be reached as soon as this week.