Mitsui & Co. to Expand Equity Cu, Ni

Mitsui & Co. promotes new mining development and expansion of new and existing copper and nickel mines to expand equity nonferrous metals assets. The firm targets annual 170,000-180,000 tonnes of equity copper in 2015 from around 60,000 tonnes by acquiring new asset. The firm expands the equity nickel from around 30,000 tonnes to around 40,000 tonnes through existing projects. The firm eyes additional metal depending on the demand condition to contribute stable supply balance under tight supply.

The firm holds the 2015 targets including 500,000 tonnes of aluminium related equity metals compared with current 200,000 tonnes. However, the firm would raise the targets depending on the demand condition when tight supply lifted the metal prices to historical level.

The firm expects Caserones copper mine in Chile, in which the firm has 25% interest, will start ingot production in 2013 and concentrate production in 2014 adding around 40,000 tonnes per year of equity metal for Mitsui & Co. Chilean Collahuasi copper mine, in which Mitsui & Co. has 7.43% interest, eyes expansion to maximum 1 million tonnes per year from current 500,000 tonnes. Mitsui & Co.’s equity copper will increase steadily when Vale of Brazil, in which Mitsui & Co. has indirect 5% share, expands the copper production.

Goro nickel project in New Caledonia, in which Mitsui & Co. has 10% interest, conducts final technical adjustment to launch the integrated production at annual 60,000 tonnes of capacity. Taganito nickel project of Philippines, in which Mitsui & Co. has 15% interest, will start annual 30,000 tonnes of operation in as early as 2013.