Japan’s third-biggest copper smelter also said US$520 million in project finance had been completed.
The US$275 million investment includes a pro-rata portion of construction capital expenditure as well as adjustments for working capital since last February, it said in a statement.
Mitsubishi announced plans to buy the stake last year to secure concentrate for its smelters.
Tokyo Headquarters of Japan’s Mitsubishi Materials Corp. (Photo internet reproduction)
The acquisition was subject to conditions including an arrangement of project finance, which was completed with six banks on Friday, a spokesman said, without identifying the lenders.
As part of the deal, Mitsubishi Materials agreed to provide a US60 million credit facility to cover potential cost overruns until completion of the project, which provides the company with incremental copper concentrates it produces.