Mitsubishi Corporation to Acquire Additional 21.9% Stake in Quellaveco Copper Mine Project
2018年6月15日 - 4:04PM
JCN Newswire (英)
Mitsubishi Corporation (MC) is pleased to announce 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 (Quellaveco). This
investment will increase MC's total interest in AAQSA to 40%.
MC acquired a 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(1). Closing of the
Transaction is expected to be within the second quarter in FY2018,
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 tonnes (content metal basis) of copper in
Ore Reserves. The Transaction is expected to increase MC's
attributable copper production by approximately 120,000 tonnes per
year.
Copper is widely used in electrical networks, automobile parts, and
consumer electronics, and has become a material critical in
supporting modern lifestyles and infrastructure. Growth in global
copper demand is expected to remain steady, fueled by
infrastructure and electronic network development in emerging
countries, as well as growth in the global electric vehicle market
centered around China and Europe.
MC's existing participation in world-class copper mining assets
with high resource volumes, quality, and potential for further
expansion, in light of such increasing global demand, makes copper
one of the core areas in MC's resources business. Through the
successful development of Quellaveco, MC will secure a highly
competitive copper asset ensuring stable supply in order to respond
to the long-term needs of society. MC is committed to meeting
stakeholders' expectations, while achieving a balanced realization
of economic, social, and environmental values for the sustainable
growth of the company.
(1) 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.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE:8058) is a global integrated
business enterprise that develops and operates businesses across
virtually every industry, including industrial finance, energy,
metals, machinery, chemicals, and daily living essentials. MC's
current activities have expanded far beyond its traditional trading
operations to include investments and business management in
diverse fields including natural resources development,
manufacturing of industrial goods, retail, new energy,
infrastructure, finance and new technology-related businesses.
With over 200 offices and subsidiaries in 90 countries and regions
worldwide and a network of approximately 1,300 group companies, MC
employs a multinational workforce of over 70,000 people.
For more information, visit
https://www.mitsubishicorp.com/jp/en/
Source: Mitsubishi Corporation
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
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