Swiss mining giant Glencore said Monday it would buy a majority stake in Peruvian mine owner Marcobre for $475 million in cash.
"Glencore International AG, a wholly-owned subsidiary of Glencore International plc, today announced that it conditionally agreed to acquire from CST Mining Group Limited a 70 percent interest in Marcobre S.A.C.," said the group in a statement.
Marcobre owns Marcona Copper Property and the property's exploration and development project Mina Justa, which contains resources of 413.3 million tonnes containing 0.79 percent copper.
"Mina Justa would ideally complement Glencore’s existing polymetallic mining operations in Peru, and add significant value to our worldwide group of copper mining assets," said Daniel Mate, Glencore co-director of zinc, copper and lead department.
The deal is expected to be closed in October.