Japan’s Mitsubishi Materials Corp (MMC) has bought a 30% stake in Mantoverde copper mine and an associated copper project from Mantos Copper for $236 million to secure more concentrates for its smelters, the company said on Friday.
The mine, which has 2.1-million tonnes of copper reserves, is owned by a consortium led by British investment company Audley Capital Advisors and Orion Mine Finance Group, which control Mantos Copper.
Mitsubishi, Japan’s third-biggest copper smelter, will acquire the minority stake by undertaking newly issued shares and will receive 30% of metal produced.