Mitsubishi Corporation Reaches Final Investment Decision on Quellaveco Copper Mine Project
2018年7月27日 - 11:50AM
JCN Newswire (英)
Mitsubishi Corporation (MC) is pleased to announce that it has
reached a final investment decision with Anglo American plc (AA)
for the development of the Quellaveco copper mine project in Peru
(Quellaveco).
Quellaveco is being developed by Anglo American Quellaveco S.A.
(AAQSA), a joint venture owned by MC and AA. MC has agreed with AA
to acquire an additional 21.9% equity interest in AAQSA, thereby
increasing the proportion of its total interest in AAQSA to
40%(1).
Development of the project will commence once the transaction
closes in August 2018, with the start of copper production slated
for 2022. Development is expected to carry a capital cost of US$5.0
to 5.3 billion and MC will fund its equity pro-rata portion of
40%.
Given its current level of involvement in world-class copper mining
assets that have high resource volumes and quality as well as
potential for expansion, copper constitutes one of the core areas
of MC's resources business. Quellaveco, one of the world's largest
undeveloped copper deposits, contains approximately 7.5 million
tonnes (content metal basis) of copper in Ore Reserves and is
highly cost competitive.
This transaction is expected to increase MC's attributable copper
production by approximately 120 thousand tonnes per year, which is
equivalent to 50% of MC's existing attributable copper production,
and will contribute to strengthening the company's copper
investment portfolio.
Growth in global copper demand is expected to remain steady, fueled
by the development of power networks and other infrastructure in
emerging countries and by growth in the global electric vehicle
market centered around China and Europe. Through the successful
development of Quellaveco, MC aims to continue providing a stable
supply of copper over the long-term and in keeping with the needs
of society. MC remains committed to fulfilling the expectations of
its stakeholders and the pursuit of sustainable growth while at the
same simultaneously generating economic, social, and environmental
value.
(1) MC will acquire an additional 21.9% equity interest for a
consideration of US$500 million. An additional contingent
consideration shall be made upon the successful achievement of two
ore treatment expansions, for a total of US$100 million. MC will
increase its total interest in AAQSA to 40% by way of a primary
share subscription. Please refer to our press release dated on June
15, 2018 for further detail.
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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