Tokyo, Dec 16, 2011 (JCN) - Marubeni signed a MoU with Antofagasta plc, a world leading copper producer, to become a 30% partner in the Antucoya copper mining project for a total cash consideration of US$350 million. Part of the estimated development cost of US$1.3 billion for the Antucoya project is expected to be raised through project financing.
The Antucoya copper project is a development project expected to start production of copper in 2014 using SX-EW technology. Antucoya has proven and probable copper reserves of 642 million tonnes and expects to produce an average 80,000 tonnes of copper annually over its 20 year mining lifespan.
Marubeni will be entitled to approximately 24,000 tonnes per year of copper ingot (payable copper), which corresponds to Marubeni's 30% interest in the project. There is potential sulphide ore in the underlayer of this project, which could form the basis of future concentrate production as well.
Antofagasta is one of the largest copper producers in the world and the only Chilean copper company listed on the London Stock Exchange. Marubeni has established an excellent and long-lasting relationship with Antofagasta since it began working with them on the Los Pelambres project in Chile. The current project will be the fifth joint project between Marubeni and Antofagasta following the Esperanza, El Tesoro, Mirador and Los Pelambres mining projects.
Through this investment, the total amount of copper ingot from Marubeni's interests will increase from 125,000 tonnes a year to 150,000 tonnes a year (payable copper equivalent), placing Marubeni as one of the top owners of copper assets among Japanese companies.
Beyond participating in the copper mine development and copper production with Antofagasta in Chile, Marubeni plans to contribute to the stable supply of copper resources to Japan by securing high quality copper resources, while continuing to grow its copper business with a vision of expanding into other geographic regions.
Copyright © 2013 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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