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Anglo to sell Peru copper stake to Japanese firms – Report

Mining News - Published on Tue, 22 May 2018

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Reuters quoted three sources familiar with the matter as saying that Anglo American is likely to sell up to 30% of its multi billion dollar Peruvian copper project Quellaveco to Japanese entities, including Mitsubishi, which already own part of it. The London listed miner said in its 2017 financial results it is seeking to cut its 82 percent interest in Quellaveco, which could produce 225,000 tonnes of copper annually, to between 50 and 70%.

The sources said it has hired investment banks Goldman Sachs and Morgan Stanley to help with the sale, which could be announced within the next two months.

One of the sources said that Japanese trading house Mitsubishi owns 18.1% of Quellaveco, but is looking to increase the stake to just above 30%.

Mitsubishi was not immediately available to comment.

Other Japanese trading houses including Sumitomo, Mitsui, JX Nippon Mining & Metals and Itochu are considering making final offers for a minority stake, the sources said.

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Posted By : Rabi Wangkhem on Tue, 22 May 2018
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