Chinalco, Minmetals Interested in Glencore Xstrata's Las Bambas Mine

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A few more suitors for the Las Bambas copper mine…

“China’s Chinalco and rival Minmetals are among a list of investors interested in Glencore Xstrata’s $5.9 billion Las Bambas copper mine in Peru, a government official from the Latin American country said on Monday,” reports Reuters.

“Jorge Merino Tafur, Minister of Energy and Mines, said he would be meeting with Chinese suitors, including Chinalco and Minmetals, this week to dicuss the investment.”

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The Japanese copper cash price saw the biggest upwards shift for the day, rising 1.5 percent to close on Friday, November 1. The price of US copper producer grade 110 weakened by 0.7 percent. The price of US copper producer grade 122 declined 0.7 percent. The price of US copper producer grade 102 fell 0.7 percent.

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Chinese copper closed mixed last Friday. Chinese copper bar gained 0.1 percent to finish. The cash price of Chinese copper finished the market day up 0.1 percent per metric ton. The price of Chinese copper wire remained steady. The price of Chinese bright copper scrap held steady.

The cash price of primary copper closed at $7,233 per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.6 percent on the LME. The copper 3-month price declined 0.5 percent on the LME to $7,240 per metric ton, after two days of improvement.