Anglo looks to sell Peru copper stake to Japanese firms: sources – by Clara Denina and Barbara Lewis (Reuters U.S. – May 17, 2018)

https://www.reuters.com/

LONDON (Reuters) – Anglo American (AAL.L) is likely to sell up to 30 percent of its multi-billion 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 is seeking to cut its 82 percent interest in Quellaveco, which could produce 225,000 tonnes of copper annually, to between 50 and 70 percent.

The sources said it has hired investment banks Goldman Sachs (GS.N) and Morgan Stanley (MS.N) 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 (8058.T) owns 18.1 percent of Quellaveco, but is looking to increase the stake to just above 30 percent, one of the sources said.

Mitsubishi was not immediately available to comment. Other Japanese trading houses including Sumitomo (8053.T), Mitsui (8031.T), JX Nippon Mining & Metals and Itochu (8001.T) are considering making final offers for a minority stake, the sources said.

For the rest of this article: https://www.reuters.com/article/us-anglo-american-m-a-quellaveco/anglo-looks-to-sell-peru-copper-stake-to-japanese-firms-sources-idUSKCN1II1SM

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