Chinese group agrees $5.85bn Las Bambas mine deal

A Chinese consortium led by MMG extends China's global acquisition spree by agreeing to buy the major Peruvian copper mining project.
The Las Bambas copper project in Peru
The Las Bambas copper project in Peru

A Chinese consortium led by Hong Kong-listed miner MMG has agreed to buy the Las Bambas copper project in Peru from Glencore Xstrata for $5.85 billion in cash, providing further evidence of China’s continuing drive to secure more of the world's natural resources.

The deal, for what promises to be one of the world's biggest copper mines, showcases the ability of Chinese companies to flex their deal-making muscles thanks to cheap debt financing. It is the largest cross-border deal out of Asia, excluding Japan, so far this year and a shade bigger than Belgian brewing giant Anheuser-Busch InBev's buyback of South Korean Oriental Brewery.

Melbourne-based MMG...

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