Marubeni Takes Mining Usufruct Right in Mirador of Chile

Marubeni Corporation, Japanese general trading company, announced on Tuesday the firm agreed with Antofagasta of Chilean major copper producer to acquire mining usufruct right in Antofagasta’s Mirador copper mine at US$ 350 million (approximately 30 billion yen). Minera El Tesoro, a joint company 30% controlled by Marubeni and 70% by Antofagasta, will develop Mirador mine located in Northern Chile.

Marubeni and Antofagasta had agreed in cooperative development of new copper mines in Sierra Gorda district in Chile’s II Region by utilization of ore processing facilities possessed by Minera El Tesoro and Minera Esperanza, another JV 30% controlled by Marubeni and 70% by Antofagasta. Marubeni’s latest equity acquisition is in line with this co-development. Minera El Tesoro will develop Mirador mine and produce electrolytic copper.

Minera El Tesoro has produced electrolytic copper at 100,000 tonnes per year since 2001. Mirador mine’s oxide mineral reserve is estimated at 330,000 tonnes of copper. Copper reserves total 1.85 million tonnes including the company’s other mines, El Tesoro and Tesoro North-East.