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MMG, China Minmetals enter offtake for copper from Las Bambas

April 14, 2014 - 06:30 GMT Location: Singapore

KEYWORDS: Glencore Xstrata , Las Bambas , Peru , MMG , China Minmetals , sale , copper , offtake

MMG has agreed to enter into an offtake agreement with its majority shareholder China Minmetals Nonferrous Metals (CMN) for 73.75% of copper concentrates from Las Bambas in Peru, the company said in a regulatory filing.

MMG, the international unit of CMN, has agreed to buy Glencore Xstrata's Las Bambas copper project for $5.85 billion in cash via a Chinese consortium including Guoxin International Investment Corp Ltd and CITIC Metal Co Ltd. The deal is expected to close in the third quarter. "China is a large and rapidly growing importer of copper concentrates," MMG said, adding that as a large metal trader in China, CMN has well-established relationships with private and state-owned copper smelters. Due to factors such as mine locations and long-term contractual arrangements in place, the...

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