Marubeni Expands Resource Interests

Metals & Mineral Resources Division of Marubeni Corporation, Japanese major business house, aims to acquire interests of steel resources such as coal or iron ore. The firm plans to double coal interests to 10 million tonnes within 5 years from fiscal 2008 (Apr08-Mar09). At the same time, the firm eyes acquirement of iron ore interests in a medium term. The firm seeks an opportunity to expand the profit by acquirement of resources during resource prices are low.

The division’s investment increased by 4 times in fiscal 2008 from last fiscal year, a large part of which accounted for the investment in Chilean copper mine at 150 billion yen. Moreover, the firm expanded the investment share of Resource Pacific to about 22%. As a result, coal output by the mines in which Marubeni holds equities reached approximately 5 million tonnes in fiscal 2008.

The firm’s coal interests is expected to reach approximately 6 million tonnes by the operation start of Lake Vermont coal mine in Australia. Marubeni will increase the interests to 10 million tonnes by additional investment in 2013.

The firm will expand ferrous scrap export as well.