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A consortium of three companies consisting of CITIC Metal Co., ltd, MMG and Guoxin has acquired the Las Bambas copper mine in Peru from Glencore Xstrata in an all-cash deal worth $5.85 billion.The deal is China's biggest acquisition of a mine in recent years.

Glencore will receive about US$5.85 billion in cash upon completion of the deal. The Chinese consortium will also pay the mine's capital expenditure and development costs from the beginning of 2014 until the deal closes, which amounted to about US$400 million as of March 31.

MMG Ltd, the Hong Kong-listed offshore arm of Minmetals Corp, led the winning bid in partnership with Hong Kong-registered Guoxin International Investment Corp and CITIC Group's wholly-owned subsidiary CITIC Metal.MMG will comprise 62.5 per cent of the joint venture, with Guoxin taking 22.5 per cent and CITIC Metal taking 15 per cent.

The deal will involve both equity and debt, with assistance from the China Development Bank, ICBC and Bank of China.

The deal won't be fully approved until MMG shareholders have voted on it, and other approvals are gained from Government regulators in China and Peru.

CITIC Metal was advised by CITIC Securities. Baker &McKenzie served as CITIC's legal advisor on the deal.