I know I'm late to this story, but it's getting an airing here all the same. So Chariot Resources sells to a Hong Kong company that previously had precisely zero knowledge of mining, then a year an a bit later the Hong Kongers flip the property out to the mighty Glencore for a $200m cash profit. Beats working and shows that the current phase of deals in copper projects are valuing them ever higher. Here's AFP with its take on the story.
GENEVA — 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.