Mitsui & Co. Ltd. (MITSY) said it expects to acquire the 25% interest in the Project through an unit for cash consideration of US$135 million.
Mitsui and Pan Pacific Copper Co., Ltd. or "PPC" have been in discussions relating to the potential 25% participation by Mitsui in the Caserones Copper Mining Project, which is 100% held by PPC through Minera Lumina Copper Chile S.A. or "MLCC".
PPC announced its decision to invest in and develop the Project and Mitsui's board has approved the investment, subject to PPC making its final investment decision and finalization of related deals. The parties are now seeking to reach a final agreement on the details of Mitsui's participation in the Project by April 2010.
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