Mitsui Mining to exit from copper mining, selling stake in Collahuasi mine
24/03/2021 10:48
TOKYO, March 24 (Reuters) - Japan's Mitsui Mining and
Smelting 5706.T said on Wednesday it would exit from copper
mining by selling its 0.97% stake in the Collahuasi copper mine
in Chile to Japanese trading firm Mitsui & Co 8031.T as a part
of a reshuffle of its asset portfolio.
The mining and smelting company did not disclose the
financial terms of the deal which is due to be completed by the
end of March, but said the sale would result in a one-off gain
of 9.5 billion yen ($87.5 million) for the year ending this
month.
Mitsui Mining and Mitsui & Co said last year they had agreed
to sell their stakes in the Caserones copper mine in Chile to
Japan's JX Nippon Mining & Metals Corp, the metals unit of Eneos
Holdings Inc 5020.T . urn:newsml:reuters.com:*:nL1N2HV0EW
"We have decided to use our resources for other growing
areas such as engineered materials and development of new
products," a spokesman for Mitsui Mining said, adding it would
keep its stake in zinc mines in Peru.
Helped by the one-off gain from the deal and
higher-than-anticipated prices of metals such as zinc and
copper, Mitsui Mining raised its net profit forecast for the
year to March 31 to 40 billion yen from 23 billion yen predicted
in early February.
As a result, it also lifted an annual dividend estimate to
80 yen a share from 70 yen.
($1 = 108.6300 yen)
(Reporting by Yuka Obayashi. Editing by Mark Potter)
((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))