LONDON--Glencore PLC (GLEN.LN) said Friday it has completed the
sale of its interest in the Las Bambas copper mine project,
originally announced in April.
The Anglo-Swiss multinational commodity trading and mining
company, headquartered in Baar, Switzerland, has sold its interest
in the Las Bambas copper mine project to a consortium owned 62.5%
by MMG Ltd. (1208.HK), 22.5% by GUOXIN International Investment
Corporation Ltd. and 15.0% by CITIC Metal Co., Ltd for $7
billion.
The proceeds from the sale will immediately and materially
de-gear Glencore's balance sheet, it said.
"Glencore will continue to look for opportunities to reinvest
capital in line with our published returns criteria. Any surplus
capital, subject to maintaining an efficient balance sheet within
Glencore's strong BBB/Baa credit ratings guidance, will be returned
to shareholders, within an appropriate time frame and structure."
it added.
-Write to Ian Walker at ian.walker@wsj.com
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