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June 14, 2018
Anglo American agrees to increase Mitsubishi's interest in Quellaveco by 21.9% for $600m
Anglo American plc ("Anglo American") announces that it has entered into a Heads of Agreement with Mitsubishi Corporation ("Mitsubishi") in relation to Mitsubishi's proposed acquisition of a 21.9% equity interest in Anglo American Quellaveco S.A., ("AAQSA"), which owns the Quellaveco copper project in
The total consideration of
The total consideration implies a valuation for 100% of Quellaveco of
Mark Cutifani, Chief Executive of Anglo American, said: "The successful syndication of a 21.9% interest in Quellaveco confirms the world-class quality of our copper asset in
Closing of the Proposed Transaction is expected in Q3 2018 and is subject to a number of conditions, including required regulatory approvals, approval by Mitsubishi's Board, and approval to develop the Quellaveco project by Anglo American's Board.
The Proposed Transaction is a Smaller Related Party Transaction under the
1. Achieving throughput rates of 150 thousand and 180 thousand tonnes per day will be subject to future permitting requirements.
2. The total subscription by Mitsubishi for new shares in AAQSA will be
For further information, please contact:
Tel: +44 (0)20 7968 8759
Tel: +44 (0)20 7968 8891
Tel: +27 (0)11 638 2592
Tel: +27 (0)11 638 2786
Tel: +44 (0)20 7968 8718
Tel: +44 (0)20 7968 2124
Tel: +44 (0)20 7968 8680
Notes to editors:
Quellaveco is one of the world's largest undeveloped copper deposits and is located in the Moquegua region in the south of
The project has been granted all its major permits required for construction, and benefits from a high level of acceptance from the local communities and the local, regional and national governments. Quellaveco will be operated by Anglo American and, subject to the approval of Anglo American's Board, Quellaveco would begin its development phase during the second half of 2018, with first copper production expected in 2022.
3. Estimates as at 31 December 2017. For a breakdown of the classification categories, refer to the Anglo American Ore Reserves and Mineral Resources Report 2017. TCu = Total Copper.
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