Mitsubishi acquires stake in AAS for $5.39bn

13 November 2011 (Last Updated November 13th, 2011 18:30)

Mitsubishi has completed the acquisition of Anglo American's 24.5% interest in Anglo American Sur (AAS) for $5.39bn.

Mitsubishi has completed the acquisition of Anglo American's 24.5% interest in Anglo American Sur (AAS) for $5.39bn.

ASS' assets include the Los Bronces mine, the El Soldado mine, the Chagres smelter and large-scale prospective exploration properties in Chile.

The assets produce about 260,000tpa of copper and this is expected to increase to 440,000tpa in 2012, upon completion of the Los Bronces expansion project.

With this acquisition, Mitsubishi's copper production will increase from 140,000 to 250,000tpa in 2012.

Mitsubishi also holds interests in Esocondia copper mine, Los Pelambres copper mine and Chilean iron ore production firm Compañía Minera del Pacifico.