Mitsuibishi Corp Friday said it is likely to acquire 18% stake in Peruvian copper project Quellaveco, the news reports said. The company said it will buy the stake from International Finance Corp, a lending arm of the World Bank for about 60 to 70 billion yen ($761.04 million to $887.87 million).
In September, the global giant Anglo American which owns nearly 82% of the project said it needed $3 billion in capital to build the project. The mine is slated to open in 2015 or 2016 and produce around 225,000 tonne of copper a year.
According to sources in Peru, the agreement will be formally announced today. Mitsuibshi has shown a great interest in South American copper assets, partly to feed the growing Asian demand for the red metal.
Last November, Mitsuibishi had agreed to acquire a 24.5% stake in Anglo’s southern Chilean properties for $4.5 billion.
Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses across different types of industries like finance, energy, metals, machinery, chemicals, foods and environmental business.The company has over 200 bases of operations in approximately 80 countries worldwide and also has a network of more than 500 group companies. It employs a multi national workforce of nearly 60,000 people.