Chinalco out of race for Glencore’s Las Bambas mine
Nov 25 (Reuters) – Chinalco, the largest aluminium producer in China, has dropped out of the race for Glencore Xstrata’s $5.9 billion Las Bambas copper mine in Peru, leaving rival Minmetals as the front-runner, sources familiar with the matter said.
Commodities trader Glencore agreed this year to sell Las Bambas to secure approval from China’s competition authorities for its takeover of miner Xstrata, as Beijing feared the merged group would have too much power over the copper market.
Read more at: http://www.reuters.com/article/2013/11/25/chinalco-lasbambas-idUSL5N0JA1Q420131125
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