June 14, 2018 / 6:29 AM / 8 months ago

Anglo American agrees to Mitsubishi increasing its stake in copper project

The logo of Mitsubishi Corp is pictured at its head office in Tokyo, Japan August 2, 2017. REUTERS/Kim Kyung-Hoon

LONDON (Reuters) - Miner Anglo American (AAL.L) on Thursday said it had agreed Japan’s Mitsubishi Corp (8058.T) should raise its stake in the Quellaveco copper project in Peru by 21.9 percent for $600 million, taking its stake to 40 percent.

Anglo American retains a 60 percent stake in the project which has an implied full value of $2.74 billion (2.05 billion pounds).

Sources had previously told Reuters they expected Anglo American to sell up to 30 percent of the copper project to Japanese entities, including Mitsubishi.

Reporting by Barbara Lewis; editing by Jason Neely

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