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    5711   JP3903000002

MITSUBISHI MATERIALS CORPORATION

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Japan's Mitsubishi Materials buys 30% stake in Chile copper mine

02/07/2020 | 08:37am EST

Japan's Mitsubishi Materials Corp (MMC) has bought a 30% stake in Mantoverde copper mine and an associated copper project from Mantos Copper for $236 million to secure more concentrates for its smelters, the company said on Friday.

The mine, which has 2.1 million tonnes of copper reserves, is owned by a consortium led by British investment company Audley Capital Advisors and Orion Mine Finance Group, which control Mantos Copper.

Mitsubishi, Japan's third-biggest copper smelter, will acquire the minority stake by undertaking newly issued shares and will receive 30% of metal produced.

The partners plan to spend $731 million to expand facilities and build a concentrator to extract and process sulphide ore.

"This transaction is a step forward in Mantos Copper's strategy to expand and extend the life of our high quality copper assets, while lowering its position in the cost curve," Mantos board chairman John MacKenzie said in a statement.

Demand for copper, mainly used in power and construction, is expected to boom in coming years because of its use in electric vehicles, which need twice as much of the metal as those with internal combustion engines.

This has spurred buying activity in South America, which produces most of the world's copper.

Japanese companies have been active in the region, with Sumitomo snapping up 30% of Teck Resource's Chile mine and Mitsubishi holding a stake in Anglo American's Quellaveco operation in Peru.

RBC Capital markets acted as financial advisers for MMC in the deal, which is expected to close at the end of October.

(Reporting by Zandi Shabalala, additional reporting by Fabian Cambero in Santiago; writing by Cassandra Garrison; editing by David Goodman and Jason Neely)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -0.08% 36.99 End-of-day quote.0.00%
DEERE & COMPANY -1.15% 341.55 Delayed Quote.28.43%
JASON CO., LTD. -1.48% 466 End-of-day quote.-30.24%
MITSUBISHI MATERIALS CORPORATION 2.51% 2003 End-of-day quote.-7.70%
MSCI PERU (GDTR) -3.43% 4751.154 Real-time Quote.-22.50%
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Financials
Sales 2022 1 773 B 15 674 M 15 674 M
Net income 2022 37 390 M 331 M 331 M
Net Debt 2022 523 B 4 621 M 4 621 M
P/E ratio 2022 7,00x
Yield 2022 3,28%
Capitalization 262 B 2 317 M 2 313 M
EV / Sales 2022 0,44x
EV / Sales 2023 0,46x
Nbr of Employees 27 162
Free-Float 93,3%
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Number of Analysts 7
Last Close Price 2 003,00 JPY
Average target price 2 442,86 JPY
Spread / Average Target 22,0%
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Managers and Directors
Naoki Ono Executive President & Director
Shunsuke Kisagi Group Manager-Finance & Accounting
Akira Takeuchi Chairman
Osamu Iida Vice President & General Manager-Technology
Mariko Tokuno Independent Outside Director
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