China Minmetals Corp., the state- owned metals trader, led a group that agreed to pay $5.85 billion for Glencore Xstrata Plc’s Las Bambas copper project in Peru as China seeks greater control over material supplies.
Glencore Xstrata Plc, the global commodities trading and mining group, agreed to buy Caracal Energy Inc. for about $1.35 billion to take control of oil and gas assets in the central African nation of Chad.
The World Trade Organization backed the U.S. in a dispute with China, agreeing that limits on exports of rare-earth elements used in hybrid-car batteries and wind turbines violate trade rules. A Chinese industry group said it regrets the ruling against China.
Glencore Xstrata Plc Chief Executive Officer Ivan Glasenberg said the world’s fourth-biggest mining company remains in talks with China Minmetals Corp. for an asset that’s been valued at more than $5 billion.
MMG Ltd., the overseas unit of China’s biggest state-owned metals trader, said no agreement has been reached with Glencore Xstrata Plc in talks to acquire an interest in its Las Bambas copper project in Peru.