Minsur concludes US$506mn purchase of 70% stake in Marcobre

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Thursday, June 14, 2012

Peruvian miner Minsur closed its US$506mn purchase of a 70% stake in compatriot firm Marcobre, state news agency Andina reported.

The deal, first announced in April this year, was carried out through Minsur subsidiary Cumbres Andinas, which bought the stake from Hong Kong-based CTS Mining Group.

Marcobre's main asset is the Mina Justa copper deposit at the Marcona property in Peru's Ica region.

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The red metal project has a JORC compliant resource of 413Mt grading 0.79%, and its expected start date is in 2013 with average production of 110,000t/y over a 10-year mine life. The project's expected capex is US$745mn.

Last year, Swiss firm Glencore International (LSE: GLEN) agreed to acquire 70% of Marcobre for US$475mn. However, the deal fell through when Glencore could not reach an agreement for the remaining stake, held by Korean firm LS-Nikko Copper and compatriot state company Kores.

Minsur is a subsidiary of Peru's Brescia group.