LIMA, Feb 17, 2012 (Dow Jones) -- Japan's Mitsubishi Corp. (MSBHY, 8058.TO) has acquired a 18.1% stake in the Anglo American PLC's (AAUKY, AAL.LN) Quellaveco copper project, the company said Friday in a release.

Mitsubishi said it acquired the stake from International Finance Corp. Anglo American controls 81.9% of Quellaveco, located in southern Peru.

Mitsubishi didn't disclose financial terms of the deal.

Quellaveco is one of Peru's biggest copper projects. It has faced delays due to community opposition over concerns about water supply in the country's southern arid coastal region.

The project could produce 225,000 tons of copper per year over a 28-year mine life, Mitsubishi said. Quellaveco could begin production in 2016, the company added.

Mitsubishi said its attributable copper production would increase by about 40,000 tons per year when Quellaveco starts production.

Peru's Mines and Energy Ministry estimates that Quellaveco will require an investment of about $3 billion.