Finance / Chile
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Marubeni Invests In Antofagasta Operations
August 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Chile-based and UK-listed miner Antofagasta has received a US$1.4bn cash injection from Japan's Marubeni Corporation. The two companies entered into an agreement on August 24 in which Marubeni would acquire a 30% stake in Minera Esperanza and Minera El Tesoro, expanding its presence in the region. In addition Marubeni has also agreed to fund its 30% share in development costs of the US$1.9bn Esperanza project. Antofagasta will retain a 70% interest in both Minera Esperanza and Minera El Tesoro. These predominantly copper mines are located in the Sierra Gorda district in northern Chile, which has estimated combined mineral resources of