News emerged this morning that mining giant Glencore Xstrata (XTA.L) has finally approved plans to sell its project in Peru, the Las Bambas copper mine. The deal comes after months of negotiation and is worth $5.85Bln and the project will be sold to a consortium of investors including a subsidiary of Chinese state-owned China Minmetals Corp.
Proceeds of the deal are expected to be used to “de-gearing” the balance sheet and the company expects any surplus to then be returned to shareholders in a form to be decided and announced “within a reasonable timeframe”.
News emerged this morning that mining giant Glencore Xstrata (XTA.L) has finally approved plans to sell its project in Peru, the Las Bambas copper mine. The deal comes after months of negotiation and is worth $5.85Bln and the project will be sold to a consortium of investors including a subsidiary of Chinese state-owned China Minmetals Corp.
Proceeds of the deal are expected to be used to “de-gearing” the balance sheet and the company expects any surplus to then be returned to shareholders in a form to be decided and announced “within a reasonable timeframe”.
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