Mitsubishi to purchase US$46mn stake in Pacasmayo

- Friday, December 30, 2011

Mitsubishi to purchase US$46mn stake in Pacasmayo

Peruvian cement firm Cementos Pacasmayo has agreed to sell 30% of its stake in local phosphates company Fosfatos del Pacífico (FDP) to Japan's Mitsubishi Corporation for some US$46.1mn, state news agency Andina reported.

Under the agreement terms, Pacasmayo will sell the shares to Singapore-based MCA phosphates, in which Mitsubishi has a 70% stake. Indian firm Zuary Industries holds the remaining 30%.

Cementos Pacasmayo will maintain 70% of FDP's economic and corporate rights.

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FDP and Mitsubishi also signed a 20-year off-take agreement, through which Mitsubishi will acquire 2Mt/y of concentrated phosphoric rock.