⚠ Minority Stakes in Other People's MinesModerate threat

Mitsubishi Corporation (8058) — threat to the moat

Mitsubishi's copper is minority stakes in other companies' mines, and one of them is still worth less than it paid.

Mitsubishi's copper comes from minority stakes. Anglo American holds 50.1% of Anglo American Sur and 60% of Quellaveco1, and Mitsubishi's holding in Escondida is 8.25%2. Mitsubishi's influence is that of a significant minority owner.

Anglo American Sur stake (20.4%)Acquired forUS$4.51bnBook value, March 2026¥216.5bnImpairment reversal, yr to Mar 2026¥53.2bnMitsubishi Corporation results and presentation, May 2026
A reversal restored part of a large write-down.

The Anglo American Sur history shows the cost. Mitsubishi paid US$4.51 billion for its 20.4%3 and wrote it down over the years; the ¥53.2 billion reversal in the year to March 20264 restores part of what was lost, and the book value of ¥216.5 billion5 is still well below the purchase price.

Mitsubishi's first-quarter results for the current year show the upside of the same structure: finance income rose to ¥94,950 million from ¥60,145 million, which the company attributes partly to dividends from resources-related investments6. Minority stakes pay dividends when the operator decides to, and this year the operators decided to pay more.

The measure is further impairments or reversals. The accounting swings on these stakes are larger than their operating changes.

References
  1. ReportedAnglo American holds 50.1% of Anglo American Sur and 60% of Quellaveco, and Mitsubishi's holding in Escondida is 8.25%.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedAnglo American holds 50.1% of Anglo American Sur and 60% of Quellaveco, and Mitsubishi's holding in Escondida is 8.25%.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedMitsubishi paid US$4.51 billion for its 20.4% and wrote it down over the years; the ¥53.2 billion reversal in the year to March 2026 restores part of what was lost, and the book value of ¥216.5 billion is still well below the purchase price.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedMitsubishi paid US$4.51 billion for its 20.4% and wrote it down over the years; the ¥53.2 billion reversal in the year to March 2026 restores part of what was lost, and the book value of ¥216.5 billion is still well below the purchase price.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - capital recycling and one-time items and adjusted consolidated net income. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedMitsubishi paid US$4.51 billion for its 20.4% and wrote it down over the years; the ¥53.2 billion reversal in the year to March 2026 restores part of what was lost, and the book value of ¥216.5 billion is still well below the purchase price.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedMitsubishi's first-quarter results for the current year show the upside of the same structure: finance income rose to ¥94,950 million from ¥60,145 million, which the company attributes partly to dividends from resources-related investments.
    Mitsubishi Corporation, Financial Highlights for the three months ended June 30, 2026 (IFRS) - revenues, profit, segment results on seven segments, cash flows, the balance sheet and share count after the buyback cancellation. — April-June 2026 · publ. 6 August 2026 · source ↗
Sources
Generated September 24, 2026