Interesting development regarding the Las Bambas Copper project bidding process.
Even Chinalco wont go alone in developing copper projects, as it prefers to team up with Minmetals. This could result in others teaming up to bid for the project.
For Schaft Creek, this means Teck will want to partner with AT LEAST one other major to develop a Copper District. Drill results cannot come fast enough, as Teck could lure some very willing partners if they can demonstrate a the vast potential of Schaft Creek's Copper, Gold, Silver, Moly, Rhenium....
Chinalco abandons independent Glencore Bambas bid, may team up with Minmetals
Chinese state-owned aluminum producer Chinalco will not independently pursue purchase of Glencore's Las Bambas copper project in Peru, the Washington Post reports.
Instead, Chinalco is considering an offer to team up as a minority partner with China Minmetals Corp., the giant government-run metals trader, who has offered Glencore roughly $5 billion for the copper mine.
Las Bambas requires an estimated $5.9bn investment to be fully developed, but it is already 43% completed and production at the mine is due to start in 2015.
The project is expected to produce more than 400,000 tonnes of copper per year once in production, as well as significant amounts of silver and gold.
