Glencore Xstrata sells stake in Peru mine for $5.85bn

Glencore Xstrata is to sell its entire stake in the Las Bambas copper mine in Peru for about $5.85 billion to a Chinese consortium. The consortium is "owned 62.5 percent by MMG Limited, 22.5 percent by GUOXIN International Investment Corporation Limited and 15.0 percent by CITIC Metal Co.," the Anglo-Swiss mining giant said in a statement. The deal is contingent on regulators' approval. "Today’s announcement demonstrates our commitment to maximising value for our shareholders," Ivan Glasenberg, CEO of Glencore said. Peru is the world's second biggest copper producer. Las Bambas is located in the Apurimac region, in Peru's southeast. China is the world's biggest copper importer.