{"id":1164390,"date":"2020-02-07T11:19:51","date_gmt":"2020-02-07T17:19:51","guid":{"rendered":"https:\/\/www.mining.com\/?p=1013291"},"modified":"2020-02-07T11:19:51","modified_gmt":"2020-02-07T17:19:51","slug":"mitsubishi-grabs-30-of-mantoverde-copper-mine-in-chile","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1164390","title":{"rendered":"Mitsubishi grabs 30% of Mantoverde copper mine in Chile"},"content":{"rendered":"<p>Japanese powerhouse Mitsubishi Materials has <a href=\"https:\/\/www.mmc.co.jp\/corporate\/en\/news\/2020\/news20200207.pdf\"  rel=\"noreferrer noopener\" aria-label=\"acquired a 30% stake in Mantos Copper\u2019s Mantoverde mine (opens in a new tab)\">acquired a 30% stake in Mantos Copper\u2019s Mantoverde mine<\/a> and associated project in Chile for $263 million.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The move, the latest expansion by Japan&#8217;s third-biggest<br \/>\ncopper smelter into the South American market, seeks securing supply of<br \/>\nconcentrates, as demand for the industrial metal is expected to soar in coming<br \/>\nyears because of its use in electric vehicles (EVs) and the next generation of<br \/>\nrenewable technologies.<\/p>\n<p>Mantos Copper, owned by a consortium led by British investment company Audley Capital Advisors and Orion Mine Finance Group, acquired Mantoverde and Mantos Blancos mines <a href=\"https:\/\/www.mining.com\/anglo-american-sells-copper-mines-in-chile-to-uk-investment-firm\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">from Anglo American in 2015<\/a>.<\/p>\n<p>The Mantoverde open pit mine, in the arid Atacama Desert,<br \/>\nholds an estimated 2.1 million tonnes of copper reserves. Mantos Copper has<br \/>\nunveiled plans to build a concentrator and expand facilities, something that may<br \/>\nnow come faster than expected thanks to Mitsubishi\u2019s involvement.<\/p>\n<p>Last year, the company <a href=\"https:\/\/www.mining.com\/chilean-miner-mantos-copper-secures-250m-to-finance-concentrator-expansion\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">secured $250 million<\/a> to fund the expansion of the sulphides concentrator at its Mantos Blancos operation, which will extend the life of the open-pit mine until 2035 and reduce costs.<\/p>\n<p>The figure included a $150 million-loan from Glencore\u2019s<br \/>\nsubsidiary Altonorte. Another $50 million will come from a&nbsp;copper royalty<br \/>\nagreement&nbsp;with Anglo Pacific (LON, TSX: APY).<\/p>\n<p>In the past four years, Japanese trading companies have been<br \/>\ngrabbing assets and increasing their stakes on a few of them thanks to higher<br \/>\ncommodities prices, which have boosted their profits.<\/p>\n<p>In 2018, Mitsui&nbsp;&amp; Co.&nbsp;<a href=\"https:\/\/mining.com\/japans-mitsui-wants-chiles-collahuasi-copper-mine-none-los-pelambres\/\"  rel=\"noreferrer noopener\">increased its interest in Chile\u2019s Collahuasi copper mine<\/a>&nbsp;to<br \/>\n11.03%. A few weeks later,&nbsp;<a href=\"https:\/\/mining.com\/mitsubishi-ups-stake-anglos-quellaveco-copper-project-600-million-deal\/\"  rel=\"noreferrer noopener\">Mitsubishi Corp upped its interest in Anglo American\u2019s<br \/>\nQuellaveco<\/a>&nbsp;copper project in Peru by 21.9% for $600 million, taking<br \/>\nits holding to 40%.<\/p>\n<p>Sumitomo followed suite, buying a 30% interest in Teck Resources\u2019 (TSX: TECK.A | TECK.B)(NYSE: TCK) Quebrada Blanca Phase 2 project&nbsp;copper project, in northern Chile, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/teck-chooses-sumitomo-develop-chilean-copper-project-1-2b-deal\/3215\/\" >for $1.2 billion<\/a>.<\/p>\n<p>Chile is the world\u2019s largest copper producer, meeting more<br \/>\nthan 30% of global demand. The metal accounts for up to 15% of the country\u2019s<br \/>\ngross domestic product.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Move by Japan&#8217;s third-biggest copper smelter seeks securing supply of copper concentrates to meet booming demand.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1164390"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1164390"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1164390\/revisions"}],"predecessor-version":[{"id":1164403,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1164390\/revisions\/1164403"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1164390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1164390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1164390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}