Sumitomo Corp. to Invest 40-50B yen in Nonferrous Metals Resources in 2 Years

Sumitomo Corporation’s mineral resources division no.1 plans to invest 40-50 billion yen in nonferrous metals resources in 2 years to fiscal 2010 ending March 2011 under the new 2-year business plan. The unit develops nickel-cobalt mine, Ambatovy project in Madagascar to start production in end of 2010 while the unit tries to acquire new copper interest.

The unit tries to start Ambatovy project on schedule as world class new nickel source. The unit tries to improve the cost structure for better cost competitiveness in the lower demand condition.

The unit completed the acquisition of remaining share in San Cristobal silver-zinc-lead mine in Bolivia. The unit tries to improve the operation for better competitiveness.

The unit will reduce the share in Batu Hijau copper-gold mine in Indonesia under the agreement with Indonesian government, under which the government will hold majority in the mine. The unit tries to seek opportunity to get other copper resources.