Glencore's CSA copper mine draws interest from Zijin
China’s Zijin is said to be eyeing Glencore’s [LON: GLEN] CSA copper mine in New South Wales (NSW), The Australian reported.
According to the unsourced report in the paper’s Dataroom, OZ Minerals [ASX: OZL], PanAust [ASX: PNA], Sandfire Resources [ASX: SFR], and China Moly are also believed to be interested in CSA, which could sell for several hundred million dollars.
The paper noted OZ Minerals is considered one of the most logical buyers due to its existing focus on copper.
Bank of America Merrill Lynch and UBS are working with Glencore on the sale process. Glencore is eager to reduce its USD 10bn debt burden, the article noted.
Zijin is also targeting Glencore’s more valuable Lomas Bayas mine, which is located in Chile, it added.
A previous report noted that BHP Billiton [ASX: BHP, LON: BLT], South32 [ASX: S32] and Antofagasta [LON: ANTO] could be interested in Lomas Bayas.
The Australian, previously reported intelligence