StockMarketWire.com - Anglo American said on Thursday that Mitsubishi Corporation would increase its stake in Anglo American Quellaveco S.A, which owns Quellaveco copper project in Peru, to 40% following a $600m investment.

Mitsubishi Corporation would pay $500m after closing the transaction, while further payments of $50 million would be paid after Quellaveco reached at least 150 thousand tonnes of ore per day; and an additional $50m after reaching 180 thousand tonnes of ore per day.

The deal is expected to be completed in the third quarter of the year.

Mitsubishi currently holds an 18.1% stake in Anglo American Quellaveco S.A.

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