Mitsubishi Corp’s Equity Copper to Double in Long Term

Mitsubishi Corporation’s metals group will double its equity copper in a long term. The division recently acquired shares in Chilean copper mining company, Anglo American Sur, and Quellaveco copper mine project in Peru. By these acquisitions, Mitsubishi Corp’s equity copper is expected to approach 300,000 tonnes per year and global top 10 after CY2016. The division aims to increase equity copper by expansion of investing projects and to grow up the copper business to the profit core along with the coking coal business.

The division purchased 24.5% shares in Anglo American Sur from British major mineral resource company, Anglo American, at 420 billion yen in CY2011. Anglo American Sur plans to raise annual production to above 400,000 tonnes in CY2012 from recent 260,000 tonnes mainly by expansion of Los Bronces copper mine. As a result, Mitsubishi Corp’s equity copper is expected to increase to approximately 250,000 tonnes in CY2012 from approximately 140,000 tonnes in CY2011.

The division also took 18.1% shares in undeveloped copper mine Quellaveco. Mitsubishi Corp will advance the development with Anglo American and start the first production in CY2016 with 225,000 tonnes of annual output. Thus Mitsubishi Corp’s equity copper will increase by about 40,000 tonnes.

Mitsubishi Corp also has 8.25% shares in the world largest copper mine Escondida, 5% shares in Los Pelambres copper mine of Chile and 10% shares in Antamina copper mine of Peru. Escondida remains additional expansion areas. Anglo American Sur holds undeveloped mining areas. These possible expansions will also contribute to Mitsubishi Corp’s equity copper increase in a long term.