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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Materials Corporation    5711   JP3903000002

MITSUBISHI MATERIALS CORPORATION

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Canadian miner Teck hires Barclays to sell Peru mine stake: sources

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11/20/2019 | 05:06pm EDT
CEO of Teck Resources Ltd., Don Lindsay attends the CRU's World Copper Conference in Santiago

Canada's Teck Resources Ltd has hired Barclays to sell all of its 80% stake in its Zafranal copper asset in Peru, as the diversified miner accelerates efforts to exit advanced projects and focus on its massive Chilean expansion, two banking sources told Reuters on Wednesday.

Teck is likely to sell or seek a partner for Zafranal, Chief Executive Officer Don Lindsay has said.

The company and its advisors are sounding out interest from mining firms already operating in Peru for the copper-gold project that could fetch up to $500 million, one of the sources said.

However, the project would need a further injection of more than $1 billion before it can start production, the source said.

A representative for Teck company declined to comment on the report, citing company policy not to comment on speculation. A Barclays representative was not immediately available for comment.

Japan's Mitsubishi Materials Corp, which owns the remaining 20% of Zafranal, was also not immediately available to comment.

The sources declined to be identified as the information on bank hiring is not public.

Vancouver-based Teck last year said it would move forward with its $4.7 billion Quebrada Blanca phase two copper project in Chile.

First production is targeted for 2021 and forecast to reach 316,000 tonnes of copper equivalent per year for the first five full years of mine life.

The company last month said it would cut staff and defer some planned capital projects to cope with economic uncertainty that has weighed on commodity prices.

(Reporting by Clara Denina in London; Writing by Jeff Lewis; Editing by Sandra Maler and Sonya Hepinstall)

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 5.18% 117.76 Delayed Quote.-37.68%
LINE CORPORATION -0.54% 5500 End-of-day quote.2.80%
MITSUBISHI MATERIALS CORPORATION -1.50% 2228 End-of-day quote.-25.16%
SEEK LIMITED -0.70% 21.42 End-of-day quote.-5.01%
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Financials
Sales 2020 1 522 B 14 260 M 14 260 M
Net income 2020 -55 828 M -523 M -523 M
Net Debt 2020 465 B 4 358 M 4 358 M
P/E ratio 2020 -5,23x
Yield 2020 3,59%
Capitalization 292 B 2 720 M 2 733 M
EV / Sales 2019
EV / Sales 2020 0,50x
Nbr of Employees 28 426
Free-Float 89,2%
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Mean consensus UNDERPERFORM
Number of Analysts 8
Average target price 2 311,25 JPY
Last Close Price 2 228,00 JPY
Spread / Highest target 21,2%
Spread / Average Target 3,74%
Spread / Lowest Target -5,75%
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Managers
NameTitle
Naoki Ono Executive President & Director
Akira Takeuchi Chairman
Shunsuke Kisagi Group Manager-Finance & Accounting
Osamu Iida Vice President & General Manager-Technology
Mariko Tokuno Independent Outside Director
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