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
-
How to invest in nuclear powerWe need nuclear power to go green, says Dominic Frisby. But there is a better option than huge power stations
-
Chase slashes its easy-access savings rate – is it time to switch?The Chase easy-access savings account has proved popular with savers thanks to its competitive rate and bonus deals. But, as the rate has dropped, has it lost its charm?
