Glencore International, the world’s biggest publicly traded commodities trader, is acquiring CST Mining Group’s Peruvian copper project for $475 million, Bloomberg reports. As per the deal, Switzerland’s Glencore will hold a 70% stake in the Mina Justa copper project.
The transaction, which is expected to close on or before Oct. 15, 2011, is awaiting shareholder approval. The deal will provide Glencore control of deposit in southern Peru with a resource base of 3 million metric tons of contained copper.
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