Anglo American agrees to Mitsubishi increasing its stake in copper project

LONDON (Reuters) - Miner Anglo American on Thursday said it had agreed Japan's Mitsubishi Corp should raise its stake in the Quellaveco copper project in Peru by 21.9 percent for $600 million, taking its stake to 40 percent.

(Reuters)

Anglo American retains a 60 percent stake in the project which has an implied full value of $2.74 billion (2.05 billion pounds).

Sources had previously told Reuters they expected Anglo American to sell up to 30 percent of the copper project to Japanese entities, including Mitsubishi.

(Reporting by Barbara Lewis; editing by Jason Neely)