Mitsubishi Materials announced on Friday Canadian Similco copper mine, in which Mitsubishi Materials has 25% interest, will reach full capacity operation in and after mid-August. The operation is 70% of 35,000 tonnes of daily crude ore processing target. The operation already finished the construction in June to start concentrate production. The concentrate will arrive in domestic smelter in autumn.
The open cut mine is located in 300 kilometers east of Vancouver. Copper Mountain Mining of Canada controls 75% of the mine with 25% share by Mitsubishi Materials. They estimate the mine has 211 million tonnes of resource with 0.36% of copper content. Mitsubishi Materials purchases all production from the mine with annual around 150,000 tonnes of concentrate production. The mine started the operation in 1923 but stopped the operation in 1996 due to lower copper price. The mine was redeveloped through joint venture with Mitsubishi Materials. With the new source, Mitsubishi Materials’ ore purchase increases to 70% from mines with the equity compared with current 60% level. The firm has interest in Escondida mine and Los Perambles mine in Chile, Batu Hijau mine in Indonesia and Huckleberry mine in Canada.Japan Steel Scrap Composite Prices (Sangyo Press)
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