Mitsui’s 200% Copper Mine Premium Signals More Codelco Deals
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Mitsui & Co., Japan’s second-largest trading house, paid three times as much as Codelco for a stake in a Chilean copper asset last month as it seeks to build a foundation for future deals with the largest copper producer.
A joint venture between Codelco and Tokyo-based Mitsui agreed to buy a 29.5 percent stake in Anglo American Sur SA, which owns the world’s fifth-largest copper mine, for $2.8 billion last month. Codelco’s 24.5 percent stake was priced at $73 million per 1 percent, compared with Mitsui’s at $220 million per 1 percent, according to Bloomberg calculations based on the terms of the deal.