Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 27 July 2018, 10:50 HKT/SGT
Share:
    

Source: Mitsubishi Corporation
Mitsubishi Corporation Reaches Final Investment Decision on Quellaveco Copper Mine Project

TOKYO, July 27, 2018 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has reached a final investment decision with Anglo American plc (AA) for the development of the Quellaveco copper mine project in Peru (Quellaveco).

Quellaveco is being developed by Anglo American Quellaveco S.A. (AAQSA), a joint venture owned by MC and AA. MC has agreed with AA to acquire an additional 21.9% equity interest in AAQSA, thereby increasing the proportion of its total interest in AAQSA to 40%(1).

Development of the project will commence once the transaction closes in August 2018, with the start of copper production slated for 2022. Development is expected to carry a capital cost of US$5.0 to 5.3 billion and MC will fund its equity pro-rata portion of 40%.

Given its current level of involvement in world-class copper mining assets that have high resource volumes and quality as well as potential for expansion, copper constitutes one of the core areas of MC's resources business. Quellaveco, one of the world's largest undeveloped copper deposits, contains approximately 7.5 million tonnes (content metal basis) of copper in Ore Reserves and is highly cost competitive.

This transaction is expected to increase MC's attributable copper production by approximately 120 thousand tonnes per year, which is equivalent to 50% of MC's existing attributable copper production, and will contribute to strengthening the company's copper investment portfolio.

Growth in global copper demand is expected to remain steady, fueled by the development of power networks and other infrastructure in emerging countries and by growth in the global electric vehicle market centered around China and Europe. Through the successful development of Quellaveco, MC aims to continue providing a stable supply of copper over the long-term and in keeping with the needs of society. MC remains committed to fulfilling the expectations of its stakeholders and the pursuit of sustainable growth while at the same simultaneously generating economic, social, and environmental value.

(1) MC will acquire an additional 21.9% equity interest for a consideration of US$500 million. An additional contingent consideration shall be made upon the successful achievement of two ore treatment expansions, for a total of US$100 million. MC will increase its total interest in AAQSA to 40% by way of a primary share subscription. Please refer to our press release dated on June 15, 2018 for further detail.


About Mitsubishi Corporation

Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.

Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705 


July 27, 2018 10:50 HKT/SGT
Source: Mitsubishi Corporation

Mitsubishi Corporation (TSE: 8058)

Topic: Press release summary
Sectors: Engineering
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Mitsubishi Corporation Links

http://www.mitsubishicorp.com

https://ph.linkedin.com/company/mitsubishi-corporation

Mitsubishi Corporation
Oct 12, 2018 12:45 HKT/SGT
Mitsubishi Corporation and Kinki Sharyo to Supply Additional Trains for Doha Metro Project
Oct 2, 2018 15:46 HKT/SGT
Mitsubishi Corporation Reaches Final Investment Decision on LNG Canada Project
Sept 14, 2018 16:03 HKT/SGT
Mitsubishi Corporation to Establish Joint Venture for Urban Development Projects in Asia
Sept 10, 2018 11:08 HKT/SGT
Mitsubishi Corporation to Invest in Distributed Power Supply Project in Off-Grid Areas in Africa
Aug 31, 2018 09:03 HKT/SGT
Hitachi and Mitsubishi Corporation Sign a Memorandum of Understanding with Metro de Panama, S.A. to Provide a Monorail System
Aug 31, 2018 08:46 HKT/SGT
Mitsubishi Corporation Announces Partnership with Fast Retailing to Develop UNIQLO Retail Business in Vietnam
Aug 24, 2018 10:47 HKT/SGT
Mitsubishi Corporation Subsidiary Indiana Packers Corporation to Acquire Specialty Foods Group
Aug 7, 2018 14:47 HKT/SGT
Mitsubishi Corporation to Acquire Major Share of Food Manufacturer Gourmet Delica
Aug 1, 2018 15:45 HKT/SGT
Fukuoka International Airport Co. Signs Project Agreement for the Operation of Fukuoka Airport
June 29, 2018 10:43 HKT/SGT
Mitsubishi Corporation Commences Construction and Partially Transfers Shares In Dutch Offshore Wind Farm Project
More news >>
 News Alerts
Copyright © 2018 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: