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MMG identifies risks to Las Bambas schedule
April 14, 2014 - 05:32 GMT
China Minmetal Corp’s international arm MMG has identified risks that may affect the cost and schedule of putting Las Bambas into production, ceo Andrew Michelmore has said.
MMG has agreed to buy the Las Bambas project from
Glencore Xstrata in a consortium with two other Chinese
companies. But Michelmore said some risks had been identified
during the due diligence process, the implications of which
would become clearer after the acquisition is complete. "We
need to get much closer to the project for a more accurate
estimate of both capital and timing to complete," Michelmore
said during a conference call after the acquisition was
announced. "Glencore has projected the middle of next year for
completion of project but we haven’t given our
comment on that and we will wait till we have completed the
transaction, we will have a better view of the timing by that
stage," he said. MMG is buying the project for $5.85 billion in
cash together with Guoxin International Investment Corp Ltd
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Euromoney Institutional Investor PLC.
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