Sumitomo Metal Mining tries to secure copper resource through the own development effort. The firm will develop from exploration stage with lower initial cost when acquisition cost increases for operating copper mine. The firm targets two third of own copper resource rate for the requirement by developing new mines and expansion of existing mines compared with current 40% of own resource rate.
The president Nobumasa Kemori said at press conference on Thursday the firm intends to develop exploration stage mine to increase the copper interest. The early stage mining projects have higher risk for failure and could take more than 10 years to start operation. However, the firm tries to take more than 50% of interests in such early stage projects at much lower cost than operating projects. The firm sees developing stage mining projects need US$ 10,000 per tonne of copper compared with US$ 2,500 before due to severe competition with Chinese aggressive acquisition. The firm expects the firm can get only minor portion in such high cost mines. The firm also tries to expand the existing mines. The firm expects double expansion plan for Cerro Verde mine in Peru, in which the firm has 16.8% interest while expansion plan for Morenci mine in USA, in which the firm has 12% interest, also contributes to the higher captive resource rate.Japan Steel Scrap Composite Prices (Sangyo Press)
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