Mitsui & Co boosts share in Collahuasi copper mine

By Daniel Brightmore
Japan’s Mitsui Mining & Smelting selling 0.97% stake in Chile mine to its parent company, trading house Mitsui & Co., as part of a portfolio reshuffle...

Mitsui has been participating in Collahuasi for 25 years since 1996, and the agreement this time will allow Mitsui to acquire the 8.1% equity held by MMS in Japan Collahuasi Resources B.V., a holding company jointly owned with MMS. As a result, JCR will become a wholly owned subsidiary of Mitsui.

“Collahuasi is one of the world's top copper mines in terms of production and reserves, operated under a large scale open-pit mine with high grade ore and cost-competitiveness,” the company said in a statement.

Copper is an important industrial material. Rising environmental awareness on a global scale over the recent years is reflected in the increase of EVs and development in renewable energy infrastructures. These trends are expected to drive increased demand for copper.

The corporate strategy defined in Mitsui's Medium-term Management Plan 2023 calls for evolution of portfolio management and enhancement of profitability in its core business. 

Together with the divestiture of Mitsui's interest in the Caserones copper mine in Chile announced last November, the acquisition of increased interest in Collahuasi forms part of the business portfolio restructuring under this strategy. 

Mitsui will strive to contribute to sustainable social and environmental development by working to maximize the value of its existing businesses and enhance its functions throughout the value chain.

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