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TOKYO, June 21, 2010 - (ACN Newswire) - Mitsubishi Corporation (MC) today announced the completion of its acquisition of International Finance Corporation's (IFC) 2.5% stake in Minera Escondida Limitada (MEL), a Chilean company that owns the world's largest copper mine. MC will hold this participation through a new joint venture company which is owned 50% by MC, 40% by Nippon Mining & Metals Co., Ltd., and 10% by Mitsubishi Materials Corporation.
This transaction was finalized after completion of the necessary documentation among MEL's existing shareholders and obtaining approval of the Chilean authorities.
MC currently owns 7% of MEL indirectly through JECO Corporation, which is an existing joint venture owned 70% by MC, 20% by NMM and 10% by MMC since 1988. As a result of the acquisition from IFC, MC will indirectly own 8.25% of MEL.
MEL is the owner of the Escondida mining operation located in northern Chile. The Escondida mine commenced production in 1990, and through subsequent expansion phases has increased its production capacity to become the largest copper mine in the world. In 2009, Escondida produced 1,078,000 tons of fine payable copper.
MC aims to expand its investment in the copper mining sector and to actively realign its copper asset portfolio in order to generate sustainable growth.
Contact:
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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