Chinese copper producer Jiangxi Copper is planning to buy mining giant Glencore Xstrata’s $5bn Las Bambas mine in Peru.
Jiangxi may also consider partnership with Chinalco Mining Corp International or MMG, which would also bid for the mine, Reuters reported citing undisclosed sources.
Glencore Xstrata invited first round of bids for the Peru copper mine by mid-September, and expects to conclude the sale by the end of 2013.
The proposed sale of Las Bambas mine is one of the conditions to be fulfilled for Beijing’s approval for Glencore’s $35m acquisition of Xstrata.