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Anglo American to give Mitsubishi option to boost Peru Quellaveco stake

Reuters - UK Focus

SANTIAGO, April 16 (Reuters) - Anglo American Plc (LSE: AAL.L - news) is looking at syndicating its Quellaveco copper project in Peru and having current partner Mitsubishi Corp increase its current 18.1 percent stake, said Hennie Faul, the head of Anglo's copper business.

"If you're going to syndicate that and increase the partnership, we've got a very good partner in Mitsubishi. That'll be our first option, to look at our current partner," Faul told Reuters in an interview on Wednesday during the CESCO/CRU conference in Santiago.

Southern Copper Corp (NYSE: SCCO - news) said last year that it still hoped to buy a share in the $3.3 billion Quellaveco project, after negotiations on a potential sale fell apart because each company wanted a controlling stake.

"We haven't engaged in any further discussions with Southern Copper," said Faul. (Reporting by Anthony Esposito and Fabian Cambero; Editing by Ted Botha)