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Mitsubishi Corp. acquires further stake in Quellaveco copper mine

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Global Mining Review,

Mitsubishi Corp. (MC) has announced that it has agreed with Anglo American plc (AA) to acquire an additional 21.9% equity interest in Anglo American Quellaveco S.A. (AAQSA), which owns the Quellaveco copper mine project in Peru. This investment will increase MC’s total interest in AAQSA to 40%.

MC acquired an 18.1% interest in AAQSA in 2012. Subject to required regulatory approvals and AA’s board approval to develop the Quellaveco project, MC will acquire an additional 21.9% equity interest for a consideration of US$500 million*. Closing of the Transaction is expected to be within 2Q18, and development of the project will commence later this year, with estimated first copper production in 2022.

Quellaveco is one of the world’s largest undeveloped copper deposits, with high cost competitiveness and containing approximately 7.5 million t (content metal basis) of copper in Ore Reserves. The transaction is expected to increase MC’s attributable copper production by approximately 120 000 tpy.

Growth in global copper demand is expected to remain steady, fuelled by infrastructure and electronic network development in emerging countries, as well as growth in the global electric vehicle market centred around China and Europe.

* The consideration will be settled upon closing by way of a primary share subscription in AAQSA. An additional contingent consideration shall be made upon the successful achievement of two ore treatment expansions, total of US$100 million.

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Anglo American news Copper mining news