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Article: Xstrata plots $700m sale of Chile's El Morro mine

Article from:
The Independent on Sunday (London, England)
Article date:
August 9, 2009
Author:
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Xstrata, the Ftse-100 mining group that is locked in a merger battle with peer Anglo American, is in talks to sell a key project in South America for up to $700m (420m).

The 24.1bn-valued group, led by chief executive Mick Davis, is considering selling its 70 per cent stake in El Morro, a Chilean copper mine Xstrata inherited as part of its takeover of rival Falconbridge in 2006. An industry source said that Chinese companies are particularly interested.

The cash would be used to help develop other projects similar to El Morro, in that they are not fully developed, as well as operational mines. Xstrata has 10 copper mines globally, as well as coal, nickel and steel operations.

The buyer ...

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