Mitsubishi Corporation increases interest in Anglo American copper project for $600million

By Dale Benton
A globally integrated business enterprise has agreed to increase its stake in a Peruvian copper project in a multimillion dollar deal. Anglo American a...

A globally integrated business enterprise has agreed to increase its stake in a Peruvian copper project in a multimillion dollar deal.

Anglo American announced in a statement this week that it has entered into an agreement with Mitsubishis Corporation ti increase Mitsubishi’s equity interest in the company’s Quellaveco Copper project.

In a deal valued at $600 million, Mitsubishi’s existing 18.1% in Anglo American Quellaveco S.A (AAQSA) will increase to 40%, with Anglo American retaining 60%.

When broken down, the $600 million will be comprised of $500 million upon closing of the transaction, $50 million upon total ore treatment rates at Quellaveco reaching at least 150 thousand tonnes per day and $50 million upon total ore treatment rates at Quellaveco reaching at least 180 thousand tonnes per day.

 

Related stories:

Anglo American to install EnergyPod storage batteries at Amandelbult mine

Anglo American and Siemens collaborate to accelerate mining technology capabilities in Africa

Anglo American launches ambitious Sustainability Strategy

 

Mark Cutifani, Chief Executive of Anglo American, said: “The successful syndication of a 21.9% interest in Quellaveco confirms the world-class quality of our copper asset in Peru and aligns with our disciplined approach to how we allocate capital. We are pleased to be able to extend our longstanding partnership with Mitsubishi and look forward to its ongoing contribution and strong support for the development of Quellaveco.”

The transaction sees the total valuation of Quellaveco reach $2.74 billion.

Share

Featured Articles

Mining Firms 'Should Consider Hydrogen-Driven Mining Trucks'

SRK Consulting Senior Mining Engineer Tyrone Woodfin urges mining companies to consider using green hydrogen-powerered mining vehicles as well as EVs

Platinum Slump Sees ARM Target China Chrome Market

African Rainbow Minerals reacts to plummeting platinum profits by targeting chrome ore output to feed strong chromium demand from China's steel industry

Schneider Helping Mining Balance Demand with Sustainability

As demand for transition metals soars, Schneider Electric is helping mining meet climate goals while mitigating environmental and social impacts

Coal Power 'on Wane but China & India Account for 86%'

Supply Chain & Operations

West Must Wrest Lithium Supply From China, Brinsden Urges

Supply Chain & Operations

EVs 'Send South Africa Platinum into Irreversible Decline'

Supply Chain Management