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Court rules against forced Korean labor victim in suit against Japan s Mitsubishi Materials – The Korea Times
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Mitsubishi Materials completes Chile s Mantoverde copper stake deal
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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.
By Reuters Staff
3 Min Read
TOKYO (Reuters) - Japan’s Mitsubishi Materials Corp said on Friday it had completed its purchase of a 30% stake in Chile’s Mantoverde copper mine from Mantos Copper for $275 million, as the shift to a low carbon economy boosts demand for the metal.
FILE PHOTO: A monitor showing the logo of Mitsubishi Materials Corp is seen in Tokyo, Japan, November 24, 2017. REUTERS/Toru Hanai
Japan’s third-biggest copper smelter also said $520 million in project finance had been completed.
In a separate statement, Mantos Copper said the deal was the largest project finance completion in the mining sector since the onset of COVID-19.