Japan's JX claims its Pan Pacific Copper division sold stake in Peruvian mining to Glencore

JX Advanced Metals, a Japanese company, said on Tuesday that its Pan Pacific Copper unit (PPC)?sold to Glencore its entire stake in a?copper?project in Peru for an undisclosed amount.

JX is a part of JX’s efforts to

Reorientation

Its portfolio towards its advanced materials business, and away from more volatile mining operations.

PPC has conducted multiple feasibility studies to determine the economic viability of the Quechua Project since 2007. However, it did not move into the development phase because the Caserones Copper Mine in Chile was its priority.

PPC purchased the Quechua stake for $40 million, with a?estimated mineral reserve?of 260 millions metric tons. The company had planned to begin production in 2012, with a target of 210,000 tonnes of copper concentrate. This is equivalent to 60,000 tons of copper.

JX is one of the leading manufacturers of sputtering target materials, which are used to create thin metal films for chip production.

After incurring heavy losses at its Caserones Mine, the company has since 2019 shifted their focus from mining to smelting materials that are used in cars, smartphones, and telecommunications infrastructure.

JX owns 47.8% of PPC, Japan’s largest supplier of refined copper. Mitsui Mining and Smelting holds 32.2% and Marubeni 20%.

(source: Reuters)