Glencore Xstrata sold its entire interest in the Las Bambas copper mine project to a consortium owned 62.5% by MMG Ltd., 22.5% by Guoxin International Investment Corp. Ltd. and 15% by CITIC Metal Co., Ltd., for approximately $5.85 billion, payable to Glencore in cash on closing. In addition, all capital expenditure and other costs incurred in developing Las Bambas since the beginning of the year, approximately $400 million, through to closing will also be payable by the consortium.
Joy Global announced it will purchase “certain assets” of Mining Technologies International, Inc. (MTI) for C$51 million. MTI is a Canadian manufacturer of underground hard rock mining equipment serving the North American markets and a leading supplier of raise boring consumables. The company is acquiring substantially all of the assets associated with MTI’s hard rock drilling, loaders, dump trucks, shaft sinking, and raise bore product lines.