Mitsui to Expand Equity in Nonferrous Mineral Projects

Mitsui & Co., Japanese major trading house, seeks higher interests in overseas projects to develop and produce nonferrous metal resources. Toward 2010 the firm aims to raise its nickel equity to 37,000 tonnes per annum and the copper equity to 100,000 tonnes per annum.Mitsui invests for Goro nickel project in New Caledonia co-operated with CVRD Inco and Sumitomo Metal Mining. The project scale is being larger than originally planned and the total capital expenditure was recently reviewed up to US$ 3.2 billion (350 billion yen) from former US$ 1.9 billion (210 billion yen). Mitsui then raises its capex along its share ratio. The production will start at the end of 2008.Mitsui also aims to raise its share in overseas copper development projects such as Collahuasi mine in Chile. As to aluminium, Mitsui’s equity metal recently decreased due to the withdrawal from Mitalco in USA. The firm aims to recover the equity to above 200,000 tonnes per annum and seeks a new investment project.