Abu Dhabi wealth fund takes 50 per cent interest in Minas de Agues Tenidas
- Three mines produce copper, zinc and lead
- Group forms joint venture with Trafigura
Abu Dhabi investment vehicle Mubadala Development Company has acquired a 50 per cent stake in mining group Minas de Agues Tenidas (Matsa), entering a joint venture with Dutch trading group Trafigura.
Matsa owns the Agua Tenidas, Sotiel and Magdalena mines in the south of Spain, which produce copper, zinc and lead concentrates.
Trafigura is close to completing a two-year expansion plan at the mines including a new treatment plant that has nearly doubled the annual processing capacity to 4.4 million tonnes a year (t/y).
The 300m ($333m) investment is expected to add 15 years to the lifespan of the mines.
In a joint statement, Mubadala and Trafigura said that Matsas operations would continue as usual.
Investing in MATSA is a key step in growing and diversifying our existing metals and mining portfolio, said Ahmed al-Idrissi, CEO at Mubadala Technology and Industry.
State-owned Mubadala is a major investor in metals in the UAE, with a stake in Emirates Global Aluminium. It also has interest in the Guinea Alumina Corporation in Guinea, West Africa, and China-based Suyadi, which is developing operations to produce high-quality calcined petroleum coke.
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