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Marubeni to Create Minera Centinela, New Mining Company in Chile
 

Tokyo, July 5, 2014 (JCN) - Marubeni Corporation has been approved by the Board of Directors of the two Chilean copper mines Minera Esperanza and Minera El Tesoro, both 30% owned by Marubeni and 70% owned by Antofagasta plc, one of the world's leading copper producers, for the integration of the two respective companies and the subsequent establishment of a new company, Minera Centinela.

It is expected that the integration will allow for Centinela to generate significant strategic benefits, including improved cost competiveness through joint usage of heavy machinery and process plants belonging to both the Esperanza and El Tesoro mines, and streamlining management structures through measures such as consolidating the two administrative systems.

Centinela will have an estimated annual payable copper production of approximately 270 thousand tonnes, and will be expected to reach approximately 400 thousand tonnes before 2020 with its planned expansion project of the Esperanza Sur mine, transforming it to become one of the largest copper mines in Chile.

Marubeni and Antofagasta agreed to launch a joint development plan in the Centinela District in 2008, when Marubeni first became shareholder of the Esperanza and El Tesoro mines. The Centinela District boasts a number of promising undeveloped deposits, and the integration will allow us to drive forward in an even more efficient manner, in both the expansion of existing mine operations and in the future development of other new potential projects within the Centinela District.


By Jun Ota Staff Writer

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