A consortium of state-owned Chinese companies led by the China Minmetals Corporation, one of the country’s biggest metals miners, announced an agreement on Monday to buy a giant copper mine in Peru from Glencore Xstrata for more than $6 billion.
In a deal that demonstrates how Chinese regulators are influencing global mergers and acquisitions far beyond China’s borders, Glencore said it would sell its Las Bambas copper mine project to the Chinese group for $5.85 billion in cash plus development costs. The sale of the mine was a condition stipulated last year by China’s Commerce Ministry before it approved the $30 billion purchase by Glencore International, a Swiss commodities trader, of the mining company Xstrata.
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