Nippon Mining & Metals to Invest Max 100 billion yen for Copper Mines

Nippon Mining & Metals plans maximum 100 billion yen of investment for copper resources in 3 years to fiscal 2009 ending March 2010. The firm invests 35 billion yen for offshore copper mines while the firm considers equity participation to new mines developed by world mineral majors. The firm eyes additional 50 billion yen of investment depending on the condition. The firm tries to improve the profitability along with 32.5 billion yen investment for information technology and 15 billion yen for environmental and recycling business. The firm improves the profit balance from current heavy dependency on resource and smelting. The firm develops Caserones copper mine of Chile with around 2.7 million tonnes of copper resources. The firm starts the operation in 2011 and produces annual 100,000-150,000 tonnes of copper during the 19 years operation. The firm now constructs pilot plant with solvent extraction/electrowinning or SX/EW technology completing in August. The firm keeps exploration for new resources at annual 600 million yen of budget. The firm also eyes equity participation to new mines after the interests in Escondida of Chile, Los Pelambres of Chile and Collahuasi of Chile.