Minmetals Group Buys Glencore Peru Mine for $5.85 Billion

China Minmetals Corp., the state-owned metals trader, led a group that agreed to pay $5.85 billion for Glencore Xstrata Plc’s Las Bambas copper project in Peru as China seeks greater control over material supplies.

“It’s a good price, probably toward the top end of market expectations,” Jeff Largey, an analyst at Macquarie Group Ltd. in London, said in a phone interview, adding the deal provides a good outcome for China. “This is a Chinese buyer, buying a very high quality copper asset.”