Information from The Wall Street Journal
Grupo Mexico, one of the world’s largest copper producers, is nearing a deal to acquire Mitsui 8031.TO -0.30% & Co.’s 25% stake in the Silver Bell copper mine in Arizona for about $120 million, according to people familiar with the matter.
The deal, if it proceeds, would give Grupo Mexico sole ownership of the mine, allowing it to take full advantage of Silver Bell’s output at a time when copper prices are up about 11% from their March lows amid signs of strengthening demand for the widely used industrial metal.
Grupo Mexico hasn’t signed a deal yet, but it has told Mitsui it would exercise its right of first refusal to purchase the stake, one of the people familiar with the matter said.
Representatives for Grupo Mexico and Mitsui couldn’t immediately be reached for comment.
