\t\t<\/p>\n
\t\t<\/span><\/p>\n <\/span><\/p>\n \n \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":" By Osamu Tsukimori TOKYO, Aug 24 (Reuters) – Japanese trader Mitsui Co said it would get the right to market a larger-than-expected share of production from Anglo American’s Chilean mining unit after it backed Chile’s Codelco in a battle for a stake. Anglo and Codelco, the world’s largest copper producer, reached an out-of-court deal on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-13865","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=13865"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13865\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}By Osamu Tsukimori\n TOKYO, Aug 24 (Reuters) - Japanese trader Mitsui Co\n said it would get the right to market a\nlarger-than-expected share of production from Anglo American's\nChilean mining unit after it backed Chile's Codelco in a battle\nfor a stake.\n Anglo and Codelco, the world's largest\ncopper producer, reached an out-of-court deal on Thursday that\nended a 10-month row over the stake in Anglo American Sur.\n Codelco and Mitsui, who financed Codelco with a $1.9 billion\nloan, together now have 29.5 percent, while Anglo's share falls\nto 50.1 percent. \n Mitsui's direct ownership amounts to roughly 5 percent, but\nit will have the right to market the Codelco-Mitsui venture's\nentire output share, 120,000 tonnes of copper per year, from the\nunit's south-central Chilean assets, which include the Los\nBroncos copper mine, slated to become the world's fifth biggest.\n The mining industry worldwide has watched the prolonged\ndispute over Anglo's Chilean mines as avid Chinese demand for\nmetals pressures miners to scramble for the few promising copper\ndeposits left to exploit.\n \"There are few locations around the world where copper\noutput is increasing, and at the same time demand from\ndeveloping countries including China is very strong,\" said\nYasushi Takahashi, chief operating officer of Mitsui's Mineral \nMetal Resources Business Unit, said on Friday. \n \"The bottom line is we expect the tight copper market to\ncontinue,\" Takahashi said at a press briefing in Tokyo. \n Mitsui said it would sell most of the concentrate to\nJapanese smelters.\n Copper prices have fallen 13 percent from this year's peak\nof $8,765 per tonne in February, as global economic growth\nincluding in China has slowed, but miners and analysts say tight\nsupply is likely to support the price.\n \n Under the deal over Anglo American Sur, the business's\nprofit will be distributed among the partners and all will now\nhave a pro-rata share of production to market, or offtake.\nMitsui will also get Codelco's share of offtake.\n The Japanese company will also receive 30,000 tonnes per\nyear of copper from other Codelco assets, which it secured in\nreturn for agreeing to provide the Chilean company with a loan\nto buy the Sur stake. \n That brings its offtake to 150,000 tonnes per year, as much\nas 10 percent of Japan's annual imports of 1.4 million to 1.5\nmillion tonnes, Mitsui officials said.\n Japan's cash-rich trading houses have been taking advantage\nof a strong yen to scoop up commodities and minerals assets\naround the world. \n Mitsui will pay $1.1 billion for its direct 5 percent stake\nin Anglo American Sur, which could rise to 9.5 percent at a\nlater date should Codelco decide to repay part of the loan with\nmore shares in their joint venture.\n Codelco and Mitsui may explore further mining opportunities\ntogether in Chile or internationally, Codelco said in a\nstatement to Chile's regulator on Thursday.\n \"If there's a chance to develop new copper mines in Chile or\nabroad, we would seriously consider accepting proposals to help\nCodelco do that,\" Takahashi said.<\/pre>\n