Following the buy out, the company plans to maintain and expand production volume as well as extend the mine lifetime
JX Nippon Mining & Metals has agreed to acquire all the rights and interests of its partners Mitsui Mining and Smelting and Mitsui in the Caserones copper mine in Chile.
In 2006, the company along with Mitsui Kinzoku acquired mining rights and interests in the Caserones mine through their venture firm Pan Pacific Copper.
Since then, the Caserones project has been developed by the two companies and in 2010 Mitsui has also joined the project to form a three-company operation.
Mitsui Kinzoku owns 25.87% interest in the Caserones copper mine, while Mitsui holds 22.63% stake.
JX Nippon Mining & Metals stated: “The copper concentrate from the Caserones Copper Mine is a valuable resource for the JX Nippon Mining & Metals Group smelting and refining facilities.
“As the copper grade of ores worldwide declines and impurities are on the increase, the value of the high-quality and clean Caserones ores is rising.
“Obtaining such excellent copper concentrate is seen as of key importance for the Company’s copper smelting and refining business, the core of the metal supply chain from upstream raw material ores to the downstream advanced materials, and including recycling.”
Upon taking over complete responsibility of Caserones Mine, the company plans to maintain and expand production volume as well as extend the mine lifetime.
It also intends to move ahead with already devised plans to invest in automation taking advantage of IoT technology for the project.
JX Nippon Mining & Metals said that the copper concentrate from the Caserones mine is a valuable resource for its smelting and refining facilities.