CST Mining Seeks Sale of Peru Mine at Price Offered by Glencore

CST Mining Group Ltd. (985), a Hong Kong- listed mining company, is looking to sell its Peru copper project at around the same price offered by Glencore International Plc, which subsequently ended the proposal.

CST Mining is being approached by many interested parties, Vice Chairman Owen Hegarty told reporters today in Hong Kong. “It’s a good value price” and the fundamentals of the mine are still good, Hegarty said.

Glencore terminated the deal to buy 70 percent of the Mina Justa project for $475 million because it couldn’t reach agreement with joint-venture partner Marcobre S.A.C., Hong Kong- based CST Mining said in a Nov. 30 statement. Not all conditions for the sale were met by the deadline and the transaction was terminated, Glencore said in a statement.

To contact the reporter on this story: Michelle Yun in Hong Kong at myun11@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net