Mitsubishi Materials announced on Thursday the copper smelting subsidiary, P.T. Smelting in Indonesia resumed the operation at Gresik smelter after the restoration work after the smelter stopped operation on October 6 due to trouble at the oxygen making equipment of the oxygen supplier of P.T. Gresik Gases Indonesia. The smelter is pumping up the operation to reach normal level in early 2007. The Indonesian smelter, of which Mitsubishi Materials controls 60.5% with 25% share by Freeport McMoRan Copper & Gold, 9.5% by Mitsubishi Corporation and 5% by Nippon Mining & Metals, expected the electrolytic copper sales would reach 259,000 tonnes in the year compared with 275,000 tonnes of output capacity. The smelter estimates the accident outage is around 52,000 tonnes brings 5 billion yen of negative impact on the recurring profit. Mitsubishi Materials estimates the attributable damage will be 31,000 tonnes of output reduction and 3 billion yen of negative factor for the recurring profit.
Japan Steel Scrap Composite Prices (Sangyo Press)
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