Japanese 3 Firms to Acquire 2.5% of Escondida’s Ownership

Mitsubishi Corporation, Nippon Mining & Metals and Mitsubishi Materials acquire 2.5% ownership interest in Escondida Copper Mine, the world’s largest copper mine in Chile, announced on Wednesday. The firms acquire the ownership from International Finance Corporation. The ownership in Escondida held by 3 firms increases to 12.5% from 10% and the copper volume increases by 2.5% to around 140,000 tonnes per year.

Escondida’s payable copper production is about 1.08 million tonnes in 2009. BHP Billiton owns 57.5% of the ownership in the mine while Rio Tinto has 30% and JECO Corporation, the joint venture of Mitsubishi Corporation, Nippon Mining & Metals and Mitsubishi Materials, has 10%. Three Japanese companies acquire 2.5% from IFC.