China OKs Glencore-Xstrata tieup

AFP-JIJI

A long-awaited merger between Swiss commodities trader Glencore and mining giant Xstrata has won a green light from China’s regulator, clearing a key final hurdle, Glencore announced Tuesday.

In a statement, Glencore said Beijing had given its backing on condition that once the merger is completed, the combined group sells its interest in the Las Bambas copper mine project in Peru to Chinese-approved players by the end of September 2014.