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TOKYO, Apr 25, 2016 - (JCN Newswire) - Mitsubishi Corporation ("MC") has agreed to transfer all its shares (30.0%) in Strand Minerals (Indonesia) Pte Ltd ("Strand") to ERAMET(1), Strand's largest shareholder. Strand owns 90.0% of PT Weda Bay Nickel, the entity undertaking the development of the Weda Bay Nickel Project in Indonesia.
MC has been carrying out a feasibility study since joining the project in February 2009 and has decided to sell all its shares to ERAMET, in accordance with the shareholders' agreement, because the criteria for project development have not been met.
MC is continuously reviewing its portfolio, corresponding to the business environment for mineral resources.
(1) ERAMET is a world leading producer of metal alloys, particularly manganese and nickel, which are used to improve the properties of steel, and also of high-performance special steels and alloys for the aerospace, power generation, tooling, and other industries. ERAMET is listed on the Euronext Paris and employs approximately 14,000 people in 20 countries.
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Materials & Nanotech
https://www.acnnewswire.com
From the Asia Corporate News Network
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