Mitsubishi Buys 18% in Peruvian Mine

Mitsubishi has purchased an 18.1% stake in the Peruvian Quellaveco copper project from the International Finance Corporation. The acquisition will make Mitsubishi a partner of global miner Anglo American which controls 81.9% of the mine, the company says. It did not disclose the price. Officials at Mitsubishi could not immediately be reached for comment, while an IFC spokesperson declines to offer additional details. The Quellaveco mine is expected to begin production in 2016, and has roughly 10m tons of content metal reserves or a life of 28 years assuming a production of 225,000 tons a year.