Glencore sees China bids for US$5b Peru copper mine

Glencore Xstrata, the global commodity trader and metals producer run by Ivan Glasenberg, expects as many as four Chinese bidders for a Peruvian copper mine that may be valued at more than US$5 billion.

"There are groups forming together and combining," the billionaire chief executive told reporters in London on Tuesday. "We see there will be at least three to four groups bidding. There is some other outside interest besides the Chinese consortiums."

A first round of bids is due next week, he said. Chinese companies including Chinalco Mining Corp International, MMG and Citic Resources are among those studying offers for Las Bambas, people with knowledge of the process have said.

Glencore, based in Switzerland, is selling the mine as part of an agreement to win Beijing's regulatory approval for its US$29 billion takeover of Xstrata this year.

The National Development and Reform Commission, China's top economic planning agency, which approves all major overseas acquisitions, usually restricts state-owned companies from making rival offers.

"We understand the NDRC sometimes doesn't allow them to compete, but I think the interest that we've seen in China is very robust," Glasenberg said.