Only time will tell, but two groups of Chinese Miners have their eye on Las Bambas.
The groups, “in partnerships that will pit giant Chinalco against rival Minmetals, lead a shortlist of suitors for Glencore Xstrata’s $5.9 billion Las Bambas copper mine in Peru, according to sources involved in the process,” reports Reuters.
“Several sources said that initial bids for Las Bambas – due to begin production in 2015 and one of the largest copper mines to come on the block in recent years – had come in around the $6 billion mark, including the sum invested in construction so far.”
The copper 3-month price saw the biggest upwards shift for the day, rising 0.9 percent on the LME to close at $7,268 per metric ton on Wednesday, October 9. Also on the LME, the primary copper cash price increased 0.8 percent to $7,231 per metric ton.
The cash price of primary Japanese copper declined 0.5 percent. The price of US copper producer grade 122 held steady on Wednesday. The price of US copper producer grade 102 saw little change in its price on Wednesday. The price of US copper producer grade 110 held steady.
Chinese copper closed mixed yesterday. After holding steady for the past few days, the price of Chinese copper bar fell 0.4 percent. The cash price of Chinese copper fell 0.4 percent yesterday. The price of Chinese copper wire continues to hover for the fifth day in a row. For the fifth consecutive day, the price of Chinese bright copper scrap held flat.