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Business
Marubeni Digs Deeper into Chilean Copper
Wednesday, August 25, 2010
Sierra Gorda
Tokyo -- The Marubeni Corporation announced yesterday that they and their Chilean partner company Antofagasta Plc have agreed to develop a new copper mine in the Sierra Gorda district of northern Chile.
US$350 million will be spent on this project, 30% owned by Marubeni and 70% by Antofagasta. The new mine, called Mirador, is expected to produce high-quality copper ore.
The two companies became partners in April 2008 through the development of other copper mines called Minera El Tesoro and Minera Esperanza. Marubeni paid more than US$1.3 billion to gain its 30% stake at that time.
Chile is the world's largest copper-producing country, accounting for more than a third of global supplies. Indeed, the economy of the nation has long been dependent on this particular industry.
PanOrient News
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