Sojitz, Furukawa Dowa Approve Gibraltar Cu Mine Expansion

Sojitz Corporation, Furukawa Co, and DOWA Holdings’ subsidiary, Dowa Metals & Mining announced on Wednesday they decided 1.6 times expansion of Gibraltar copper and molybdenum mine in Canada by the end of 2012. The production capacity increases to around 80,000 tonnes per year of copper or 280,000 tonnes of copper concentrate and to around 1,000 tonnes of molybdenum in 2013 from current around 50,000 tonnes of copper or 180,000 tonnes of concentrate and around 500 tonnes of molybdenum.

Taseko Mines of Canada controls the mine. The Japanese firms acquired 25% shares of the mine in March 2010 through a joint venture, of which Sojitz controls 50% and Furukawa Co, and Dowa Metals & Mining has 25% each.

The Japanese firms expend 69 million Canadian dollars out of total C$ 363 million for the expansion. The mine has 800 million tonnes of reserve with 0.3% of copper and 0.008% of molybdenum. The mine started the operation in 1972.