Minmetals Submits Bid for Glencore Xstrata's Copper Mine

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Glencore Xstrata’s is already seeing some bids for their Las Bambas copper mine in Peru.

“China’s Minmetals has submitted a first-round bid for [the] $5.9 billion [mine], Gu Liangmin, managing director of the state-owned metals and mining company, said on Thursday,” reports Reuters.

As for the others interested in the mine?

“I cannot give names of companies,” Peru’s Mines Minister Jorge Merino told reporters. “But what I can say is that there are companies from many countries – from Australia, from China, Canadian companies, there are also American companies interested in the project.”

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On Thursday, October 3, the Japanese copper cash price fell by 1.9 percent, making it the day’s biggest mover. The price of US copper producer grade 110 inched up 1.0 percent. After a 1.0 percent increase, the price of US copper producer grade 122 finished the day. The price of US copper producer grade 102 rose 1.0 percent.

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Chinese copper prices were flat for the day. Chinese copper bar held its value on Thursday. The cash price of Chinese copper saw little movement on Thursday. Chinese copper wire saw little change in its price on Thursday. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat.

The cash price of primary copper weakened by 0.9 percent on the LME, settling at $7,156 per metric ton. The 3-month price of copper saw a 0.7 percent decline on the LME to $7,182 per metric ton.