Glencore must sell stake in Xstrata’s Las Bambas: China

Apr 16, 2013 | 05:28 PM | Claire Hack

Tags  Glencore, Xstrata, Las Bambas, merger approval, Mick Davis, China

LONDON — China’s Ministry of Commerce has agreed to approve the merger between Swiss mining companies Glencore International Plc and Xstrata Plc as long as certain conditions are met, according to the ministry’s website.

The conditions include divestment of Glencore’s stake in the Las Bambas copper project in Peru, according to the document posted on the website.

Glencore must sell all of its post-merger ownership interest in Las Bambas, which is being developed by Xstrata in Peru, to a ministry-approved purchaser before Sept. 30, 2014. It must be sold for not less than the predetermined price, unless otherwise agreed to by Glencore, and the sale must be completed by June 30, 2015. ....

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