Swiss-based international commodities company Glencore has agreed to acquire a 70 per cent stake in Peruvian copper miner Marcobre.
The $475 million (SFr388 million)cash deal is subject to regulatory approval and is expected to close in October, Glencore said in a statement.
Marcobre is the sole owner of the Marcona Copper Property and the Mina Justa Project - the company’s principal copper exploration and development project.
“Mina Justa would ideally complement Glencore’s existing polymetallic mining operations in Peru, and add significant value to our worldwide group of copper mining assets,” said Glencore co-director of zinc, copper and lead Daniel Mate.
Peru is South America’s fastest-growing economy and the world’s second-biggest producer of copper after Chile; it is also a major gold producer.
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