A multilateral pursuing business, with significant mining and metals projects across a global portfolio, has announced that it will increase its stake in world-class copper mine.
Mitsui &Co., ltd announced in a statement this week that it has entered into respective agreements with JZ Nippon Mining & Metals to acquire the company’s current equity share in the Collahuasi Copper Mine in Chile.
The company is the lead company in a Japanese consortium that has joint ownership of the mine along with Anglo American (44%) and Glencore (44%). Mistui’s current shareholding in the Japan Collahuasi Resources (12%) will increase from 61.9% to 91.9% following the agreement
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The agreement comes at a strong time for copper, as global demand for the commodity is expected to increase significantly over the medium-to-long-term future as a result of infrastructure investments in emerging countries.
Following the agreement, the company’s total equity copper production will be bolstered by an additional 15,000 tons per year on top of an estimated 125,000 tons in the year ended March 2017.
“Mitsui has identified the Mineral & Metal Resources and Energy segments as one of the core pillars in its Medium-term Management Plan, and strives to build a robust profit base and to reinforce its existing business,” the company said in a statement.
“Mineral & metal resources are core materials for industry and will remain an important business area over the medium- to long-term future. While contributing to "nation development" of resource-producing countries, Mitsui will also contribute to drive the development of the world economy by ensuring stable supplies of competitive resources.”