LIMA, April 23 (Reuters) - A subsidiary of Peruvian miner Minsur, one of the world’s largest tin producers, said on Monday it had reached an agreement to buy a controlling stake in the Mina Justa copper project in central Peru for $505 million.
Minsur’s affiliate Cumbres Andinas will acquire the 70 percent stake CST Mining has in Marcobre, owner of the Mina Justa project.
The decision is subject to approval by the board of Hong-Kong-based CST Mining, Cumbres Andinas said in a communique.
LS-Nikko Copper and Korea Resources Corporation own the remaining 30 percent of Marcobre.
The project is located in the coastal region of Ica and requires an investment of $750 million. It is expected to produce 60,000 tonnes of copper per year starting in 2013, according to the Ministry of Energy and Mines.
Peru is the world’s No. 2 producer of copper and silver.