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MMG, China Minmetals enter offtake for copper from Las Bambas
April 14, 2014 - 06:30 GMT
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,
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Euromoney Institutional Investor PLC.
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