TOKYO Japans Mitsubishi Materials Corp (MMC) has
acquired a 20-percent stake in AQM Copper Inc.s Zafranal
project in southern Peru and an additional 20-percent stake in
AQMs wholly owned Peruvian subsidiary, Minera AQM Copper
Peru S.A.C. (MAQM).
Under the terms of the agreement, MMC has agreed to subscribe
for shares in MAQM for $22.6 million, resulting in MMC holding
a 40-percent shareholding interest in MAQM and AQM holding the
remaining 60 percent.
MMC has committed nearly $15.1 million for the Zafranal
project in Peru, currently owned in a 50-50 joint venture with
Teck Resources Ltd.
As MAQM holds a 50-percent interest in Compañia Minera
Zafranal (CMZ), the Zafranal Project joint-venture company,
this provides MMC with a 20 percent indirect interest in CMZ
and the Zafranal project as well as a 20-percent direct stake,
allowing it to have a casting vote on all major decisions.
We are committed to investing at an early stage in good
copper mining interests to secure a stable supply of copper
concentrate, MMC said.
Leaching at the open-pit mine is slated to begin this year with
production over the 15-year lifespan of the project expected to
total 1.41 million tonnes of copper concentrate, equivalent to
120,000 tonnes of copper ingots and 15 tonnes of gold.