Anglo American said to be likely to sell nearly a third of its Quellaveco project
London — Anglo American is likely to sell up to 30% of its multibillion-dollar Peruvian copper project Quellaveco to Japanese entities, including Mitsubishi, which already own part of it, three sources familiar with the matter said. The London-listed miner said in its 2017 financial results it was seeking to cut its 82% interest in Quellaveco, which could produce 225,000 tonnes of copper annually, to between 50% and 70%. The sources said it had hired investment banks Goldman Sachs and Morgan Stanley to help with the sale, which could be announced within the next two months. Goldman Sachs did not respond to a request for comment and Morgan Stanley declined to comment. Japanese trading house Mitsubishi owns 18.1% of Quellaveco, but is looking to increase the stake to just above 30%, one of the sources said. Mitsubishi was not immediately available to comment. Other Japanese trading houses including Sumitomo, Mitsui, JX Nippon Mining and Metals, and Itochu are considering making final ...
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