Nikko Mining, Mitsui Mining to Merge Copper Smelting Biz
Posted on: Monday, 26 December 2005, 18:00 CST
Tokyo, Dec. 26 (Jiji Press)--Nikko Mining and Metals Co., a subsidiary of Nippon Mining Holding Inc. , and Mitsui Mining and Smelting Co. announced Monday they will unite their copper smelting businesses around April 2006.
Their existing joint company, Pan Pacific Copper Co., will take over the copper smelting operations from each company.
Until now, Pan Pacific Copper has undertaken procurement of copper ores and sales of copper bullion. Following the latest deal, it will have integrated copper operations, ranging from mining to sales.
Pan Pacific Copper, owned 66 pct by Nikko Mining and 34 pct by Mitsui Mining, is expected to have an annual smelting capacity of 680,000 tons.
The company will beef up its competitiveness by bolstering its overseas resource development operations, Nikko Mining and Mitsui Mining said.END
Source: Jiji Press English News Service
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