Mining colossus Anglo-American has sold off a large minority stake in its Chilean copper business for a reported $5.39bn to Japanese trading house Mitsubishi Corporation.
Mitsubishi has acquired 24.5% of Anglo American Sur (AAS), hitherto a wholly owned subsidiary of Anglo American. AAS is a Chilean copper mining and smelting company, holding a significant portfolio of copper assets in Chile, including the Los Bronces mine, the El Soldado mine, the Chagres smelter and large-scale prospective exploration properties.
AAS currently produces around 260,000 tonnes of copper per annum and the figure will rise to about 440,000 tonnes in 2012, after the completion of the Los Bronces expansion project.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
--
jh
-
Thousands of Neil Woodford investors sue Hargreaves LansdownMore than 5,000 people who invested in Woodford's collapsed equity income product are taking Hargreaves Lansdown to court
-
Is now a good time to invest in gold?In the current market conditions, is gold a good investment? We explore the reasons why now might be a good time to put some money into gold.
