OREANDA-NEWS. Mitsui & Co., Ltd. announces that Corporacion Nacional del Cobre de Chile ("Codelco"), Corporacion de Fomento de la Produccion ("Corfo"), and Mitsui have entered into a memorandum of understanding as described hereinafter, to jointly promote business in innovative technology development around copper and mining industries, and Mitsui will invest in a venture capital fund under Corfo's support program ("MOU").

Mitsui, Codelco, and Corfo signed the MOU at Codelco's headquarters in Santiago, Chile, which was then exchanged amongst the parties in the presence of Her excellency Ms. Michelle Bachelet, President of the Republic of Chile and his excellency Mr. Shinzo Abe, Prime Minister of Japan, at Palacio de La Moneda (the executive office of the president) on July 31, 2014. Please refer to the attached news release issued jointly by Mitsui, Codelco, and Corfo.

1. Mitsui, Codelco, and Corfo confirmed their intention to explore, identify, assess and further pursue new business opportunities in the development of innovative technology around copper and mining industries.

2. Mitsui and Codelco have decided to invest in the venture capital fund to promote innovative applications of copper and efficient mining operation. Corfo is going to initiate their relevant process for financing to the said fund.

Chile is the largest copper producer in the world, and serves as the perfect hub to make investment in the companies and businesses providing innovative applications of copper or innovative solutions for the efficient mining operation. It is noteworthy that maintaining a level of mining operation would require stable supply of water and energy as well as environmental harmonization. Mitsui, under its strategic alliance with Codelco, intends to contribute to the sustainable growth and the continued competitiveness of the Chilean copper industry, and to promote new business opportunities.