Shearman & Sterling advised Anglo American on the completion of Mitsubishi Corporation’s acquisition (by way of a primary share subscription) of an additional 21.9% equity interest in Anglo American Quellaveco S.A. (AAQSA), which owns the Quellaveco copper project in Peru. Mitsubishi already held an 18.1% interest in AAQSA and, following the closing of the transaction, Mitsubishi's interest has increased to 40%, while Anglo American retains a 60% interest.

Anglo American's board of directors formally approved the development of the Quellaveco copper project on July 26, 2018, satisfying one of the final conditions to the closing of the transaction. Upon closing, Mitsubishi and Anglo American entered into binding commitments to fund their respective pro rata portions of the capital expenditures expected to be necessary to complete the construction of the mine.

Quellaveco is one of the world’s largest undeveloped copper deposits. Situated 3,500 meters above sea level in southern Peru, Quellaveco is expected to have a life of 30 years and produce an average of approximately 300,000 tons of copper per year in its first 10 years of operation.

Anglo American is a global diversified mining business with a portfolio of world-class competitive mining operations, including diamonds (through De Beers), copper, platinum and other precious metals, iron ore, coal and nickel.

Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses across virtually every industry, including industrial, finance, energy, metals, machinery, chemicals and foods.

The Shearman & Sterling team below was supported by associate Johnston Chen (New York-Mergers & Acquisitions).