16 July, 2013
In accordance with the Merger Remedy Commitments made to the Ministry of Commerce of the Peoples’ Republic of China (‘MOFCOM’) on 12 April 2013 (the
“Remedy Commitments”) Glencore Xstrata today announces the commencement of
a process to sell its entire interest in the Las Bambas copper mine project in Peru. Glencore Xstrata has appointed BMO Capital Markets Limited (“BMO Capital Markets”) and Credit Suisse Securities (Europe) Limited (“Credit Suisse”) to act as financial advisors in connection with the sale process.
Since the Remedy Commitments were announced on 16 April 2013, Glencore Xstrata has received numerous expressions of interest in the Las Bambas project from a diverse group of international mining companies and potential investors. Throughout the process, Glencore Xstrata will seek to engage with all prospective buyers to ensure a fair and transparent sales process, which is completed in accordance with the Remedy Commitments.
About Las Bambas:
Las Bambas is a world-class copper mine project located near Cusco in Peru with over 10.5 million tonnes of copper resources. The project is in an advanced phase of construction and is due to start production in 2015.
About Glencore Xstrata
Glencore Xstrata is one of the world’s largest global diversified natural resource companies. As a leading integrated producer and marketer of commodities with a well-balanced portfolio of diverse industrial assets, we are strongly positioned to capture value at every stage of the supply chain, from sourcing materials deep underground to delivering products to an international customer base.
The Group’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Our diversified operations comprise over 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. We employ approximately 190,000 people, including contractors.