Marubeni Corporation announced on Thursday the firm signed memorandum of understanding with UK based copper miner, Antofagasta to get 30% interest in Antofagasta’s Antucoya copper mining project in Chile for US$ 350 million. They will develop the US$ 1.3 billion project launching the operation in 2014.
The project site is located in around 45 kilometers east of Michilla city. The deposit has around 640 million tonnes of reserve containing 0.35% of copper. The project is to produce averaged annual 80,000 tonnes of copper ingot in the 20 years of mine life through SX-EW process. Marubeni Corporation secures right to take around 24,000 tonnes per year of copper from the project as the interest. The site has potential sulphide ore in underlayer of the deposit. The project could produce concentrate in future. Through the purchase, Marubeni Corporation’s equity copper increases from current annual 125,000 tonnes to 150,000 tonnes. The firm is one of the top companies in equity copper volume in Japan.Japan Steel Scrap Composite Prices (Sangyo Press)
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