Mitsubishi Corp. on Feb. 17 announced the completion of its acquisition of International Finance Corp.'s 18.1 percent stake in Anglo American Quellaveco S.A., which is developing the Quellaveco copper project in Moquegua, Peru.
Quellaveco’s current copper reserve is approximately 10 million tons (content metal basis) with an initial mine life of 28 years at approximately 225,000 tons per annum.
Subject to community support and related required approvals, AAQSA is hoping to start production in 2016.
Mitsubishi estimated its copper production will increase by approximately 40,000 tons per annum in 2016 as a result of the acquisition. It also holds 10 percent of the Antamina copper mine in Peru.
Through its interest in these two projects, Mitsubishi said it is contributing to the economic development of Peru and to the stable supply of resources to the global market, including Japan.
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