Tuesday, cathode producer Antofagasta Plc (ANTO.L) said it completed Marubeni and Antomin transactions.
On April 24, 2008, Antofagasta signed agreement with Marubeni Corp. under which Marubeni would enter as an investment partner in the Sierra Gorda district by acquiring a 30% interest in both Minera Esperanza and Minera El Tesoro and agreeing to fund its 30% share of the development costs of the US$1.9 billion Esperanza project.
Antofagasta also entered into an agreement on April 24 to buy the remaining around 49% interest in Antomin Ltd., which it did not already own, from Mineralinvest Establishment.
Antofagasta noted that it received a final cash consideration of US$1.40 million from Marubeni, reflecting the base consideration of US$1.31 million plus interest and other adjustments specified in the agreement. The final consideration payable by Antofagasta to Mineralinvest was US$243 million, reflecting the base consideration of US$240 million plus interest to completion.
Subsequent to the closing of the agreements, Antofagasta retains a 70% interest in both Minera Esperanza and Minera El Tesoro.
ANTO.L is currently trading at 554.50 pence, down 20.5 pence or 3.57%, on a volume of 518K shares.
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