MELBOURNE: China’s MMG Ltd won unanimous approval from its shareholders to buy the Las Bambas copper project in Peru from Glencore Plc for US$5.85bil and sell more than half the output to MMG’s majority owner.
The sale to a consortium led by MMG is expected to be completed by September pending final consents, boosting MMG’s growth prospects and putting Glencore in a strong position to return capital to its shareholders.
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