Acquisition of mining usufruct right of a new copper mine in Chile
Aug. 24. 2010
Minera El Tesoro, which is 30% owned by Marubeni Corporation (“Marubeni”) and 70% owned by Antofagasta plc (“Antofagasta”), has agreed to acquire the mining usufruct right of a new copper mine (“Mirador”), owned by Antofagasta for US$350 million.
Marubeni and Antofagasta previously agreed on a co-investment scheme in the district, permitting the development of additional copper resources through utilization of the existing El Tesoro and Esperanza infrastructure. This transaction perfectly fits its investment scheme. In line with its investment scheme, Minera El Tesoro has agreed to develop Mirador.
Minera El Tesoro, located in the Sierra Gorda district in Chile’s II Region commenced production in 2001 by way of open cut mining and solvent extraction – electrowinning technology and has capacity to produce about 100,000 tonnes of copper cathode annually. Mirador has oxide resources of 32 million tonnes with approximately 330,000 tonnes of contained copper. Including other ore deposits as El Tesoro,Tesoro North-East and the Run-of-Mine, Minera El Tesoro has oxide resources of 300 million tonnes with approximately 1,850 thousand tonnes of contained copper.
Marubeni has developed a strategy to secure stable supply of copper resources while maximizing profitability through investment in mine development and intends to continue to seek to participate in the development in the Sierra Gorda district which has estimated mineral resources of over 5 billion tonnes, jointly with Antofagasta and expects to further contribute to securing the additional copper resources for Japan in the future.