Commodities trader Glencore International (GLEN.L) is to acquire a 70 per cent stake in Marcobre from CST Mining Group in a deal worth $475 million (£295.6 million).

Marcobre is the sole owner of Marcona Copper Property and the Mina Justa project - the principal exploration and development prospect.

The transaction, which is subject to certain conditions, is expected to complete in October.

Daniel Mate, co-director of the Zinc/Copper/Lead department, said, '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.'

Glencore already owns a 34.08 per cent stake in FTSE 100 miner Xstrata.

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