Japanese consortium to reconstruct Mitsui Mining

Japanese consortium to reconstruct Mitsui Mining

Japan's Industrial Revitalization Corp (IRJC) announced yesterday that it named a Japanese consortium consisting of Daiwa Securities SMBC Principal Investment, Nippon Steel Corp (NSC) and Sumitomo Corp to sponsor the reconstruction of Mitsui Mining Co. The consortium was competing with US investment fund WL Ross & Co. IRCJ, which holds a 52% stake in Mitsui Mining, said that it would sell a 33% stake plus all of its preferred shares to the consortium on March 30, 2005. In line with the deal, Daiwa Securities SMBC Principal will gain a 16.98% stake in Mitsui, while Nippon and Sumitomo will acquire 7.99% each.