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Glencore Xstrata (GLEN)

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Tuesday 16 July, 2013

Glencore Xstrata

Proposed Sale of Las Bambas Copper Mine Project

RNS Number : 3508J
Glencore Xstrata PLC
16 July 2013



Baar, Switzerland



Proposed Sale of Las Bambas Copper Mine Project


16 July, 2013


In accordance with the Merger Remedy Commitments made to the Ministry of Commerce of the Peoples' Republic of China ('MOFCOM') on 12 April 2013 (the "Remedy Commitments") Glencore Xstrata today announces the commencement of a process to sell its entire interest in the Las Bambas copper mine project in Peru. Glencore Xstrata has appointed BMO Capital Markets Limited ("BMO Capital Markets") and Credit Suisse Securities (Europe) Limited ("Credit Suisse") to act as financial advisors in connection with the sale process.


Since the Remedy Commitments were announced on 16 April 2013, Glencore Xstrata has received numerous expressions of interest in the Las Bambas project from a diverse group of international mining companies and potential investors. Throughout the process, Glencore Xstrata will seek to engage with all prospective buyers to ensure a fair and transparent sales process, which is completed in accordance with the Remedy Commitments.


About Las Bambas:


Las Bambas is a world-class copper mine project located near Cusco in Peru with over 10.5 million tonnes of copper resources. The project is in an advanced phase of construction and is due to start production in 2015.



For enquiries about the sale process, please contact:



95 Queen Victoria Street, 1st Floor
London EC4V 4HG


One Cabot Square
London E14 4QJ

Jeffrey Couch

Managing Director

Tel: +44 20 7664 8102


Mark Echlin

Managing Director

Tel: +44 20 7883 2299



Gary Mattan

Managing Director

Tel: +1 416 359 6425


Pierre Lescastereyres

Managing Director

Tel: +44 20 7883 8948







For further information, please contact:


John Burton (Company Secretary)

t: +41 (0)41 709 2619

m: +41 (0)79 944 5435

Charles Watenphul (Media)

t: +41 (0) 41 709 2462

m: +41 (0) 79 904 33 20


Paul Smith (Investors)

t:+41 (0)41 709 2487

m: +41 (0)79 947 1348


Martin Fewings (Investors)

t: +41 (0)41 709 2880

m: +41 (0)79 737 5642


Elisa Morniroli (Investors)

t: +41 (0) 41 709 2818

m: +41 (0) 79 833 05 08    

Finsbury (Media)

Guy Lamming

Dorothy Burwell

t: +44 (0)20 7251 3801



About Glencore Xstrata


Glencore Xstrata is one of the world's largest global diversified natural resource companies. As a leading integrated producer and marketer of commodities with a well-balanced portfolio of diverse industrial assets, we are strongly positioned to capture value at every stage of the supply chain, from sourcing materials deep underground to delivering products to an international customer base.


The Group's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Our diversified operations comprise over 150 mining and metallurgical sites, offshore oilproductionassets, farmsand agricultural facilities. We employ approximately 190,000 people, including contractors.


Forward-looking statements


This announcement may contain forward-looking statements, including those relating to targets, objectives or expectations of Glencore Xstrata or other persons. Any such statement is made as of the date of this announcement. Glencore Xstrata disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, undue reliance should not be placed on forward-looking statements due to the inherent uncertainty therein.



BMO Capital Markets Limited (
"BMO Capital Markets"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, and Credit Suisse Securities (Europe) Limited ("Credit Suisse"), which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, are acting for Glencore Xstrata plc and for no one else in connection with the sale process and will not be responsible to any person other than Glencore Xstrata plc for providing the protections afforded to clients of BMO Capital Markets or Credit Suisse, nor for providing advice in relation to the sale process, the content of this announcement or any matter referred to herein. Neither BMO Capital Markets, Credit Suisse nor any of their respective subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of BMO Capital Markets or Credit Suisse in connection with this announcement, any statement contained herein or otherwise.

This information is provided by RNS
The company news service from the London Stock Exchange