Asia
Nittetsu Mining to Acquire Stake in US Copper Project via Subsidiary
Nittetsu Mining (TYO:1515) said it will invest $3.5 million to acquire an 80% stake in a US copper project through its subsidiary, according to a Monday filing on the Tokyo Stock Exchange.The company will capitalize its newly established US unit and use it to invest in Wedgetail Operations, which is developing the Oracle Ridge copper project in Arizona.Following the transaction, the US unit will remain wholly owned, while Wedgetail Operations will become a second-tier subsidiary.
TYO:1515
