The industrial holding and mechanical metal of Japan, Mitsui & Co Ltd, announced in a press release that they will do a redesign to the investments of copper in Chile, seeking an increase in the participation of society that has the Collahuasi mine. They are also looking to sell a portion of the assets they possess at Los Pelambres mine.
On the other hand, the company said it will buy a stake of approximately 3.6% in Collahuasi to the Japanese company JX Nippon mining and Metals, this is a unit of the JXTG Holding Company. This will increase the total capital of the Chilean sites much more in 11.03%.
In the case of Los Pelambres, the group will sell 1.25% participation JX Metals and the Marubeni Corp. brokerage On the other hand, the conglomerate said that both operations will increase the volume of production of copper approximately in 15 thousand tons per year, an estimate of 140 thousand tons per year. There was no explanation in the statement about the purpose of the different operations finance processes.
However, Reuters commented that JX Metals in Los Pelambres participation might increase to 15.79% from 15% and that of Marubeni will rise to 9.21% from the 8.75%.
According to Reuters in addition Japan companies seeking new assets once they set the best panoramas of the results in the last six years, this is because the increase of prices in the different raw materials such as metal, oil and natural gas.
Reuters also said that the Chilean Antofagasta PLC is responsible for managing the operation of Los Pelambres with 60% of the assets, while the Japanese company Mitsubishi Materials Corp and Mitsubishi Corp are to the rest of the percentage of society.
In other ideas the company Switzerland Glencore and Anglo American have 44% of the assets of Collahuasi, and approximately 12% of the deposit is part of Japanese companies.
Volcan reported that it took some losses in the fourth quarter of 2017 by an exceptional charge of 570, $ 2 million for the States of finance after the increase in the participation of Glencore in the company, according to the statement published the company aimed at the markets.
Volcan lost, between October and December last year, 546 million dollars against the gain of 23.3 million dollars during the same period, but in the year 2016.
According to the revealed information, last year the company reported a loss of more than 470 million dollars compared to the gain that took in 2016 of $ 84.4 million. The adjustments made are countable and have no effect on the cash flow of the company, that’s what the company’s envoy said in the report.