Glencore International Plc, the biggest publicly traded commodities trader, ended a proposal to buy a majority stake in a South American copper project for $475 million, CST Mining Group Ltd. (985) said.
Glencore terminated the deal to buy a 70 percent stake in the Mina Justa project in Peru because it couldn’t reach agreement with joint-venture partner Marcobre S.A.C., Hong Kong- based CST Mining said in a statement today.
“The company will continue to explore its options in relation to the Mina Justa project,” CST Mining said in the statement. The company’s vice-chairman is Owen Hegarty, who’s also vice-chairman of Hong Kong-based G-Resources Group Ltd.
Glencore had agreed to buy CST Resources Ltd., a CST unit that owns 70 percent of Marcobre, CST Mining said in July.
CST fell 10 percent to 9 Hong Kong cents at 10:22 a.m. The stock has fallen 54 percent this year, compared with a 21 percent drop in the Hang Seng Index.
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