Loan for Acquisition of Shares of Anglo-American Quellaveco S.A. in Peru
Securing Stable Supply of Copper Resources to Japan over Medium and Long Term

  • Area: Latin America and the Caribbean
  • Energy and Natural Resources

JBIC signed a loan agreement with Mitsubishi Corporation (MC) to finance MC's acquisition of the 18.1 percent interest in Anglo-American Quellaveco S.A. (AAQ) in Peru which was held by the International Finance Corporation (IFC). Through this acquisition of shares, MC obtained interests in the Quellaveco Copper Project in Peru owned by AAQ, and plans to take delivery of copper concentrate produced by AAQ in proportion to its share ownership for supplies to Japanese refineries as well as other buyers. Copper is indispensable to Japanese industry as it's used extensively for various products, and its demand is expected to rise globally with growing demand among emerging countries and increasing sales of hybrid and electric vehicles.*1 This loan contributes to secure a long-term stable supply of copper resources important to Japan who relies solely on imports for its supply of copper concentrate, used for copper ingots.
Note
  1. *1It is said that hybrid and electric vehicles need two to three times more copper than in comparison with the same type of conventional engine vehicles.
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