TOP PAGE
ENGLISH
JAPANESE
|
CONNECT WITH US:
Home
About
Services
Contact
Log in
Home
Press release
Jun 22, 2023 10:39 JST
Source:
Mitsubishi Corporation
Mitsubishi Corporation Announces New Participation in the Marimaca Copper Project in Chile
TOKYO, Jun 22, 2023 - (JCN Newswire) - Mitsubishi Corporation ("MC") is pleased to announce that it has entered into a share subscription agreement with Marimaca Copper Corp. ("Marimaca" or the "Company"). Marimaca is a publicly-listed Canadian company focused on the development of the Marimaca Copper Project (the "Project") located in Chile. MC will invest CAD20 million by way of a non-brokered private placement to subscribe for an aggregate 4.64 million units in the Company, with each such unit comprised of one common share and one common share purchase warrant at a price of CAD4.31 per unit (the "Strategic Investment"). Upon completion of the Strategic Investment, MC will own approximately 5% of the issued and outstanding common shares of the Company on a non-diluted basis.
The Project is located in the Antofagasta region of northern Chile. Since its discovery in 2016, the Company has continued to conduct exploration activities and as a result its resources have steadily increased, as disclosed in the Company's updated mineral resource estimate for the Marimaca Oxide Deposit published on May 18, 2023. The Company plans to prepare a feasibility study with respect to the Project, which may include a 50 kt per annum copper cathode production case over a not less than a 15 year life of mine.
There are multiple reasons for this Strategic Investment. Due to its location at a lower altitude of approximately 1,000m above sea level and its proximity to infrastructure such as ports, roads, water and power, the development cost is expected to be competitive. Given the advantage that the Project's copper resources exist in relatively shallow areas, and that copper cathode will be produced at the mine site via leaching process, it would potentially provide relatively low carbon emissions, particularly in respect to mining and transportation. The Project also intends to source 100% of its external power supply from renewable energy, aiming to minimize environmental impact. In addition, since Marimaca owns other exploration concessions surrounding the main mining area, future drilling programs have the potential to unveil further possible resources.
The proceeds from the Strategic Investment will be primarily used to complete the feasibility study of the Project and to prepare for obtaining the environmental permits required prior to the commencement of construction.
MC will contribute to the development of the Project through its extensive knowledge and expertise in the copper mining business that have been accumulated over the past decades, with an aim to commence production by around 2030.
Copper is essential for electrification and de-carbonization, as it plays a crucial role in developing electric vehicles and renewable energy infrastructures, such as wind and solar farms. Although mid-to-long-term demand for copper is expected to keep rising, the decline of ore grades and increasing difficulty in securing environmental permits are growing hurdles to developing new mines, making stable supply a significant concern.
In the "Midterm Corporate Strategy 2024 - Creating MC Shared Value" released in May 2022, MC outlined its growth strategy of accelerating energy transformation, including investment in copper mines. Following the commencement of production at Quellaveco, MC's equity attributable copper production is expected to increase to around 400,000 tonnes per annum. Beyond this Strategic Investment, MC remains committed to further securing a stable and sustainable supply of copper resources.
Inquiry Recipient:
Mitsubishi Corporation
Telephone::+81-3-3210-2171
Facsimile: +81-3-5252-7705
Source: Mitsubishi Corporation
Sectors: Alternative Energy
Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Related Press Release
Mitsubishi Corporation: The Extension of Oman LNG Businesses Interest
October 24 2023 09:26 JST
Indonesia's Tangguh Expansion Project Commences LNG Shipment
October 20 2023 14:36 JST
Mitsubishi Corporation Announcement Sale of Australian Metallurgical Coal Assets
October 18 2023 15:11 JST
Honda and MC Sign MoU to Explore New Businesses in EV Age
October 12 2023 14:02 JST
Yatsushiro City, Kyushu Electric Power Co., Inc., NTT Anode Energy Co., Ltd., and Mitsubishi Corporation Conclude a Partnership Agreement to Expedite Carbon Neutrality in Yatsushiro City
September 01 2023 10:18 JST
Mitsubishi Corporation: Participation of Sempra Infrastructure to the Detailed Study regarding the Introduction of e-methane to Japan Utilizing Cameron LNG Terminal
August 30 2023 20:58 JST
Building a sustainable PET bottle supply chain
August 07 2023 15:59 JST
Agreement Signed to Promote Urban Development towards Carbon Neutral City of Chitose
August 07 2023 13:37 JST
JOGMEC selected a feasibility study on the establishment of an overseas CCS value chain in the "Survey on the Implementation of Advanced CCS Projects"
August 03 2023 12:31 JST
Mitsubishi Corporation: Renewables-driven Next-generation Electric Vehicle Taxi Business Launched in Fukuoka Prefecture
July 31 2023 17:46 JST
More Press release >>
Latest Press Release
Delica Mini Wins 2023-2024 Japan Car of the Year Design Award
Dec 08, 2023 21:07 JST
Space Compass, NTT DOCOMO, NTT and SKY Perfect JSAT to Develop Direct-to-Device Service via Space-based Non-terrestrial Network
Dec 08, 2023 17:34 JST
MHI and ADNOC Sign Agreement to Explore Low Carbon Collaboration Opportunities to Build Blue NH3 and Blue H2 Value Chains
Dec 08, 2023 17:22 JST
MHI and Mitsubishi Logisnext Receive First Order from Kirin Group for an Automated Picking Solution
Dec 08, 2023 17:09 JST
Macau LRT Barra Extension Line Begins Commercial Operations on December 8
Dec 08, 2023 17:07 JST
Fujitsu and Palantir to strengthen strategic partnership to solve societal challenges and accelerate business transformation globally
Dec 08, 2023 16:28 JST
Honda to Begin Sales of Refreshed Odyssey in Japan
Dec 07, 2023 16:30 JST
Honda to Premiere New EV Series for Global Markets at CES 2024
Dec 07, 2023 13:00 JST
Vesica AI Selected as Winner of Inaugural Olympus Asia Pacific Innovation Program
Dec 07, 2023 11:00 JST
Hitachi High-Tech Launches Dark Field Wafer Defect Inspection System DI4600 to Provide High Throughput and High-Precision Defect Detection on Patterned Wafers
Dec 06, 2023 17:38 JST
Fujitsu optimizes installation of EV charging infrastructure in India with Fujitsu Fleet Optimization solution trial
Dec 06, 2023 11:02 JST
Fujitsu Finland to provide comprehensive IT services to Kempower, provider of electric vehicle fast charging solutions
Dec 05, 2023 10:52 JST
DENSO Announces Organizational and Executive Changes
Dec 04, 2023 18:12 JST
All-New Triton Earns Top Rating in 2023 ASEAN NCAP
Dec 04, 2023 17:07 JST
Fujitsu and KDDI Research successfully implement large-capacity multiband wavelength multiplexing transmission with installed optical fiber
Dec 04, 2023 10:34 JST
GC Collaborates with MHI to explore the utilization of hydrogen, ammonia and CCS technology to develop a large-scale petrochemical plant to achieve Net Zero
Dec 01, 2023 17:22 JST
NEC named among IAM's 2023 Asia IP Elite
Dec 01, 2023 14:50 JST
Eisai's Sales Subsidiary Collaborates with Ministry of Public Health (MOPH) in Thailand
Nov 30, 2023 16:25 JST
Boosting Growth Investment to Power Mobility Company Transformation Toyota-DENSO Capital Ties Revised
Nov 30, 2023 16:17 JST
Olympus's Net-Zero Targets Approved by SBTi
Nov 30, 2023 11:00 JST
More Latest Release >>