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Mitsui joins Codelco-Aurus copper innovation fund

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Japanese conglomerate Mitsui has signed an agreement to join the US$80mn Ventures en Cobre venture capital fund focused on funding innovation in the copper mining industry.

The Japanese firm signed an agreement with Chilean state copper producer Codelco and state development agency Corfo, a press release from Codelco said.

The Ventures en Cobre fund is a joint initiative between Codelco's subsidiary Codelco Lab and local investment management firm Aurus.

The fund was officially launched in April, and the goal is to fund innovative projects that will have an impact on future copper demand and the copper industry in general, helping to secure the future of the mining industry in the long run, former CEO Thomas Keller said at the time.

The fund will be split in two, with half going to the development of new technology for new uses of copper, and the other half going to projects to improve mining processes, including boosting consumption, efficiency, occupational safety and emission controls.

In addition to Codelco, Aurus, Mitsui and Corfo, other participants in the fund include regional development banks IDB and CAF, while future participants that might join the fund include private local pension funds (AFPs) and family offices.

Article Credit: Bnamericas

Updated 5 Years ago

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