Minsur SA, Peru’s only tin producer, plans to acquire a controlling stake in Marcobre, which is developing a substantial copper project in Ica province, also the location of Minsur’s Ausmelt tin smelter, local newspaper Gestión reported.
Minsur investment vehicle Cumbres Andinas is to acquire the 70% of Marcobre that is owned by Hong Kong-based CST Mining for US$505 million. Marcobre owns the Marcona copper property and the Mina Justa project. Peru’s mines and energy ministry approved the environmental impact study to develop the project in September 2010. A definitive feasibility study on the project set a start date in 2013 with average production of 110,000 tpy over a 10-year mine life. Last year a deal to sell CST’s stake to commodities giant Glencore International fell through. The remaining stake in Marcobre is owned by LS-Nikko Copper and South Korean state company Kores.
The acquisition, subject to the approval of various authorities and CST shareholders, is Minsur’s third major purchase in recent years. The company bought the Paranapanema group’s Taboca tin assets in Brazil at the end of 2008 and the Chilean subsidiary of the Lafarge cement group in 2009.
