Copper price rally cools after threat to global supply from top 5 Las Bambas mine is averted.
Las Bambas Mining News
Strike at Escondida, export ban and smelter problems at Grasberg and community clashes at Las Bambas.
Copper bulls might be tempted to place buy orders after a protest at a Peruvian mine turned ugly about 10 days ago.
Las Bambas will be one of the world’s largest copper mines after it starts up in 2015, with annual output equivalent to more than twice the amount of copper MMG currently produces.
This is the first statement in which MMG has confirmed its intention to buy Las Bambas.
Las Bambas copper mine, located in Peru, is expected to fetch between $5 and $6 billion.
Peruvian copper mine Las Bambas expected to fetch $5-6 billion.
Despite the gloomy results, the commodities giant revenues for the year jumped 9% to $232.6 billion
Analysts question the remaining bidder's ability to finance the project.
China's state-owned Minmetals enters bidding for $5.6 billion project.