Mitsui : to Acquire Additional Interest in Chile's Collahuasi Copper Mine

Mitsui & Co., Ltd. ('Mitsui', Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) has concluded an agreement to acquire the 0.97% interest in Compañía Minera Doña Inés de Collahuasi SCM ('Collahuasi') in Chile owned by Mitsui Mining & Smelting Co., Ltd. ('MMS'). As a result, Mitsui's interest in Collahuasi will increase to 12.0%.

Collahuasi is one of the world's top copper mines in terms of production and reserves, operated under a large scale open-pit mine with high grade ore and cost-competitiveness. Mitsui has been participating in Collahuasi for 25 years since 1996, and the agreement this time will allow Mitsui to acquire the 8.1% equity held by MMS in Japan Collahuasi Resources B.V. ('JCR'), a holding company jointly owned with MMS. As a result, JCR will become a wholly owned subsidiary of Mitsui.

Copper is an important industrial material. Rising environmental awareness on a global scale over the recent years is reflected in the increase of EVs and development in renewable energy infrastructures. These trends are expected to drive increased demand for copper.

The corporate strategy defined in Mitsui's Medium-term Management Plan 2023 calls for evolution of portfolio management and enhancement of profitability in its core business. Together with the divestiture of Mitsui's interest in the Caserones copper mine in Chile announced last November, the acquisition of increased interest in Collahuasi forms part of the business portfolio restructuring under this strategy. Mitsui will strive to contribute to sustainable social and environmental development by working to maximize the value of its existing businesses and enhance its functions throughout the value chain.