Glencore Xstrata has reached an agreement on all the terms and conditions of the deal to sell the Las Bambas copper project in Peru to a consortium of Chinese investors comprising MMG Limited (62.5%), GUOXIN International Investment Corporation Limited (22.5%) and GUOXIN CITIC Metal Co. Ltd. (15%), Glencore informed.
The parties intend to close the transaction in early August, Glencore points out.
It will be recalled that Glencore Xstrata announced the sale of the Las Bambas project for $5.8 billion in April 2014. Besides, the consortium undertook to reimburse Glencore Xstrata for its capital expenditure under this project (ca. $400 million).