5th Jun 2015 16:48
LONDON (Alliance News) - Anglo American PLC is considering a bid from X2 Resources to sell several copper mines in Chile worth GBP500 million, Sky News reported Friday.
X2 Resources is a vehicle set up by Mick Davis, who built commodity group Xstrata before leaving in 2013 when X2 merged with Glencore PLC, and the bid submitted by X2 is one of several being considered by the Anglo American board, reported Sky.
The auction of several copper mines in Chile - which collectively account for 12% of Anglo?s production of the metal - has been running for more than six months but sources said that it was nearing a point at which a preferred bidder would be identified.
Anglo American is one of a number of global mining groups which are targeting disposals of assets which are regarded as non-core or which do not meet financial targets.
http://news.sky.com/story/1497059/mining-tycoon-davis-pursues-500m-copper-bid
By Joshua Warner; [email protected]; @JoshAlliance
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