China Minmetals is still in discussion with Glencore Xstrata over the $5.2bn Las Bambas copper project in Peru.
The Las Bambas copper project has more than 10.5 million tonnes of copper resources and is in an advanced phase of construction. It is scheduled to commence operations in 2015.
The project is expected to produce around 400,000t of copper annually during its first five years of operation, roughly comprising 2% of the world's supply.
Glencore Xstrata CEO Ivan Glasenberg told The Wall Street Journal that discussions regarding the sale are on-going with a consortium led by Minmetals.
"It is an asset that we feel comfortable with," Glasenberg added.
Glencore plans to divest the project for value and is prepared to put it on hold until it gets the right price.
In May 2013, the global mining and commodities giant Glencore Xstrata launched the sale process for its Las Bambas copper mine, which is located about 70km south-west of Cusco.
Chinese firms Chinalco Mining and Hong Kong-listed MMG are two of the numerous firms and investors that have expressed a bidding interest in the project.
The Anglo-Swiss multinational mining company has appointed BMO Capital Markets and Credit Suisse Securities (Europe) as financial advisors for the sale process.
The sale agreement is slated to be concluded by the end of first half of 2015.
Image: Las Bambas mine has around 10.5 million tonnes of copper resources. Photo: courtesy of Jonathan Zander.