Anglo American agrees to Mitsubishi increasing its stake in copper project

LONDON, June 14 (Reuters) - Miner Anglo American on Thursday said it had agreed Japan's Mitsubishi Corp (LSE: 7035.L - news) should raise its stake in the Quellaveco copper project in Peru by 21.9 percent for $600 million, taking its stake to 40 percent.

Anglo American (LSE: AAL.L - news) retains a 60 percent stake in the project which has an implied full value of $2.74 billion.

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)