Mitsubishi Corporation announced on Friday the firm acquired 18.1% shares in Quellaveco copper mine of Peru from International Finance Corporation (IFC). The acquisition value was not disclosed. Quellaveco copper mine is scheduled to commence production in 2016. Mitsubishi Corp. increases its copper equity with an expectation for healthy growth of copper consumption mainly in emerging countries.
Quellaveco copper mine is located Moquegua, Peru. The developing project is majorly controlled by Anglo American of UK with 81.9% shares in Anglo American Quellaveco, the project operating company. The rest 18.1% shares were held by IFC and wholly acquired by Mitsubishi Corp. Quellaveco’s copper reserve is approximately 10 million tonnes on content metal basis. The production is scheduled to start in 2016 and the annual output is planned at approximately 225,000 tonnes. Mitsubishi Corp. will gain equity copper at approximately 40,000 tonnes per year. Mitsubishi Corp. was initiated to the share acquisition bidding by IFC from late 2010 to early 2011. Mitsubishi Corp. had considered the acquisition through confirmation of no pre-emptive right in relation to the divested stake.Japan Steel Scrap Composite Prices (Sangyo Press)
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