Chinalco Group Shortlisted to Bid for Glencore Peru Copper MineZijing Wu
A group led by Aluminum Corp. of China was shortlisted to bid for Glencore Xstrata Plc’s Las Bambas copper project in Peru, said an executive at the Chinese company.
“It’s a competitive process,” said Liu Xiangmin, senior vice president of the Beijing-based company known as Chinalco, in an interview at the China Mining conference in Tianjin. “We are confident about our bid.”
Chinalco is leading a bidding consortium that’s offered about $5 billion for the mine, which Glencore agreed to sell to obtain Chinese regulatory approval for its $29 billion takeover of Xstrata Plc this year, said two people with knowledge of the matter. The group also includes Jinchuan Group Ltd., China’s third-largest copper producer, said the people, asking not to be named because the details are confidential.
Glencore Chief Executive Officer Ivan Glasenberg said in September that as many as four Chinese suitors were expected to make offers for the Las Bambas project. China Minmetals Corp. is leading another group of bidders, people familiar with the matter said last month.
Charles Watenphul, a spokesman for Glencore, declined to comment.