CHART: Codelco’s QB stake may not be enough to stop BHP taking copper crown
Chile's state-run miner has made a $500 million offer to buy a 10% stake in the Quebrada Blanca copper mine.
Glencore’s head of Peruvian operations is stepping down from her position, according to two sources with knowledge of the matter.
Victoria Soyer Toche, the general manager at Glencore Peru SAC, has resigned, the sources said. Veteran copper concentrates trader Alvaro Ilamas also recently left Glencore’s Lima office, according to same sources.
Glencore declined to comment on personal moves.
Her departure came after Glencore sold its stake in zinc-lead producer Volcan Compania Minera to Argentine group Integra Capital in May.
The commodity giant owns stakes in major Peruvian copper mines such as Antamina and Antapaccay.
For years, Peru was the world’s second largest copper miner behind Chile, but its No. 2 position was taken last year by the Democratic Republic of the Congo (DRC) in Africa in terms of production.
It is expected to miss the government’s annual production target of 3 million tons.
(By Julian Luk; Editing by Kim Coghill)
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