China's Jiangxi Copper interested in Glencore's Peru mine-sources
HONG KONG (REUTERS) - Jiangxi Copper Co Ltd has joined a list of potential Chinese suitors interested in buying Glencore Xstrata Plc's US$5 billion (S$6.4 billion)-plus Las Bambas copper mine in Peru, underscoring the Chinese government's desire to plug a shortage in supply.
Glencore's sale of the mine comes at an opportune time for China, which is the world's top importer of copper concentrate but produces only about a third of the amount it needs, according to recent production data.
Jiangxi, China's biggest copper producer, may eventually team up with either Chinalco Mining Corp International or MMG Ltd, which are also evaluating bids for the mine, one of several sources said. All three might team up together, the source said.
If Jiangxi did agree to join a consortium bid, it would likely play a junior role, the people said, adding that a consortium would also be seeking financial investors to back any offer.