TOKYO, Apr 25, 2016 - (ACN Newswire) - Mitsubishi Corporation ("MC") has agreed to transfer all its shares (30.0%) in Strand Minerals (Indonesia) Pte Ltd ("Strand") to ERAMET(1), Strand's largest shareholder. Strand owns 90.0% of PT Weda Bay Nickel, the entity undertaking the development of the Weda Bay Nickel Project in Indonesia.
MC has been carrying out a feasibility study since joining the project in February 2009 and has decided to sell all its shares to ERAMET, in accordance with the shareholders' agreement, because the criteria for project development have not been met.
MC is continuously reviewing its portfolio, corresponding to the business environment for mineral resources.
(1) ERAMET is a world leading producer of metal alloys, particularly manganese and nickel, which are used to improve the properties of steel, and also of high-performance special steels and alloys for the aerospace, power generation, tooling, and other industries. ERAMET is listed on the Euronext Paris and employs approximately 14,000 people in 20 countries.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
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Mitsubishi Corporation Telephone: +81 3 3210 2171 Facsimile: +81 3 5252 7705
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