REG-Mitsui & Co Ltd Mitsui to Sell Its Interest in the Caserones Copper Mine in Chile and Dissolution and Liquidation of a Subsidiary Company

Mitsui & CoAnnouncement

09/11/2020 08:10

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Mitsui to Sell Its Interest in the Caserones Copper Mine in Chile and
Dissolution and Liquidation of a Subsidiary Company

 

This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note
Programme.

November 9, 2020

For Immediate Release

To whom it may concern

Mitsui & Co., Ltd.

Mitsui to Sell Its Interest in the Caserones Copper Mine in Chile and

Dissolution and Liquidation of a Subsidiary Company

Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President and CEO:
Tatsuo Yasunaga) has entered into a basic agreement with JX Nippon Mining
& Metals Corporation, to sell its entire interest (22.63%) in Caserones
copper mine (“Project”) in Chile. In 2010, Mitsui acquired a shareholding
in SCM Minera Lumina Copper Chile (Head Office: Santiago, Chile), the operator
of the Project, through its investment company Mitsui Bussan Copper Investment
& Co., Ltd. This transaction will be effective after the fulfillment of
relevant condition precedent, of which completion is expected by the end of
March 2021. Along with this transaction, wholly owned subsidiary Mitsui Bussan
Copper Investment & Co., Ltd. will be dissolved and liquidated.

The Project was able to stabilize its production despite the challenges such
as construction cost increase, and has become ready to enter into a new phase
of further development. Since then, discussion to define a policy for future
development took place among the relevant shareholders, whereas a result has
been reached to execute a share transfer agreement.

In Mitsui’s Medium-term Management Plan 2023, Mitsui states that it will
evolve portfolio management as its corporate strategy. This sale was executed
as a part of its reorganization and reconstructing of asset portfolio. Copper
is an essential resource in the society, where Mitsui will continuously
maximize its value of existing businesses and enhance our function through the
value chain.

Mitsui expects to post approximately JPY 7.0 billion capital losses as a
result of this sale, which is incorporated in our forecast for the fiscal year
ending March 2021 announced on October 30 of this year.

Profile of Mitsui Bussan Copper Investment & Co., Ltd.
 Company Name                Mitsui Bussan Copper Investment & Co., Ltd.                                                                        
 Location                    2-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8631, Japan                                                           
 Representative              Masami Shiraishi                                                                                                   
 Establishment               April 1, 2010                                                                                                      
 Capital                     JPY 1                                                                                                              
 Main business               Investments, loans, guarantees and related business of the Project.                                                
 Shareholders and ownership  Mitsui 100%                                                                                                        
 Relationship with Mitsui    Capital relationship                Mitsui 100%                                                                    
                             Personal relationship               Mitsui providing board member                                                  
                             Business relationship               Financial transaction between Mitsui & Co. Financial Services Ltd., which      
                                                                 is subsidiary of Mitsui.                                                       
 Date of dissolution         October 2021 （plan）                                                                                                


For further information, please contact:

Mitsui & Co., Ltd.

Investor Relations Division Tel: +81-3-3285-7657

Corporate Communications Division Tel: +81-80-5912-0321

Notice:

This announcement contains forward-looking statements. These forward-looking
statements are based on Mitsui's current assumptions, expectations and beliefs
in light of the information currently possessed by it and involve known and
unknown risks, uncertainties and other factors. Such risks, uncertainties and
other factors may cause Mitsui's actual results, financial position or cash
flows to be materially different from any future results, financial position
or cash flows expressed or implied by these forward-looking statements. These
risks, uncertainties and other factors referred to above include, but are not
limited to, those contained in Mitsui's latest Annual Securities Report and
Quarterly Securities Report, and Mitsui undertakes no obligation to publicly
update or revise any forward-looking statements. This announcement is
published in order to publicly announce specific facts stated above, and does
not constitute a solicitation of investments or any similar act inside or
outside of Japan, regarding the shares, bonds or other securities issued by
us.



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