Major Japanese copper firms JX Advanced Metals Corp., Mitsui Kinzoku Company Ltd., Marubeni Corp., and Mitsubishi Materials Corp. plan to integrate MMC’s businesses that purchase copper concentrates and related products, into their joint venture.
The integration is expected to be implemented by March 2026, MMC spokesperson Norihisa Hanyu told Platts, part of S&P Global Commodity Insights, on Nov. 14.
The JV among JX, Mitsui Kinzoku, and Marubeni, called Pan Pacific Copper Company Ltd., will integrate MMC’s businesses in the purchase of copper concentrates and sales of related products, including copper cathodes, sulfuric acid and other byproducts derived from copper concentrates. It will consolidate procurement and centralize common functions to improve profitability and strengthen international competitiveness.
“As competition with overseas smelters increases, the conditions for purchasing copper concentrates from mining companies have significantly deteriorated, and the outlook for the external environment surrounding the copper smelting business remains uncertain,” JX said in a Nov. 11 statement.
“The companies plan to have PPC take over the target business by means of a company split or similar method and transfer the target business from PPC to a new company established by PPC,” the company stated.
PPC currently subcontracts its smelting and refining business to JX Metals Smelting Co. Ltd. and Hibi Smelting Co. Ltd. Once the JV is established, MMC will also become a subcontractor for PPC or the new company.
The final implementation is “subject to obtaining all necessary approvals and permits from relevant domestic and international authorities,” Hanyu said.
MMC, a subsidiary of Mitsubishi Corp., is a major operator in the copper business and also holds five offshore mining projects located in Chile and Peru. Its copper production volume currently stands at 250,000 metric tons/year and is expected to reach 400,000 mt/year following the start of full-scale production at the Quellaveco copper mine, in which Anglo American has a 60% stake, according to Mitsubishi’s declarations.
Platts assessed Clean Copper Concentrate CIF China at $2,943/mt Nov. 13, up $37/mt day over day.