[Ferro-Alloys.com]Glencore has agreed to sell its interest in the Las Bambas copper project being developed by Xstrata in Peru. In return, it will receive approval from Chinese regulators to merge with Xstrata. Xstrata is investing $5.2-billion in bringing Las Bambas onstream by the fourth quarter of 2014. The mine is expected to produce 400,000 mtpy of copper and significant amounts of moly. Under the agreement signed last week, Glencore has to sell its interest to a buyer approved by China’s Ministry of Commerce by Sept. 30, 2014. Glencore did not respond to a Ryan’s Notes request for information about the size of its stake in Las Bambas but it is believed to be nearly 100%. The sale must be completed by June 30, 2015. Las Bambas must be sold at the pre-determined price unless Glencore agrees otherwise. The predetermined price will be whichever is higher: The fair market price of Glencore’s ownership interest as evaluated by two independent investment banks chosen by Glencore and confirmed by the monitoring trustee or the total of all of the costs incurred by both Glencore and Xstrata as audited and confirmed by the monitoring trustee.