Japanese trading house Marubeni Corp. announced Friday plans to acquire stakes in two mining projects in Chile from Antofagasta PLC amid booming demand for copper.

Marubeni said it has agreed to pay a total of 1.31 billion dollars for a 30 percent stake in both of the projects. Including development costs, it plans to invest about 1.9 billion dollars.

“Through this investment, Marubeni will be able to make a significant contribution toward securing copper resources for the national interest of Japan,” it said in a statement.

Demand for copper is on the rise for use in electrical wires, cellular phones, personal computers and automotive electronics.

Japanese companies have ventured into resource-rich Latin America as emerging nations rush to secure the building blocks of their economic growth amid surging commodity prices.

Copper prices have scaled historic highs recently, bolstered by brisk demand and supply strains.

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