News

Mitsubishi Materials Corporation (MMC) has agreed to transfer all of its shares in Copper Mountain Mine (BC) Ltd. (Headquarters: Canada, "Copper Mountain," a 25% owned by MMC) through its consolidated subsidiary, MM Copper Corporation (Headquarters: Canada, 100% subsidiary) to its JV partner Hudbay Minerals Inc. (Headquarters: Canada) for a total consideration of US $44.25 million.

MMC has been involved in the management of Copper Mountain since 2009, and has decided to transfer all of its shares in Copper Mountain to its JV partner as a result of discussions with the JV partner following a review of our company's Resources Business portfolio.

MMC has taken 100% of the copper concentrate produced from Copper Mountain Mine and has contributed to the stable operations of its Naoshima Smelter & Refinery and Onahama Smelter & Refinery, as important raw materials sources. After the transfer of shares, MMC will retain the offtake rights for 85% of the copper concentrate for 15 years.
The transfer of shares will have minimal impact on our business results.

MMC will continue to strive to increase its corporate value, aiming to become a leader in the recycling of nonferrous metals, which is the goal of the Metals Company in the Medium-term Management Strategy FY2031.

(Reference) Overview of Copper Mountain Mine

Year of operation

2011

Interest ratio

Hudbay Minerals Inc. 75%
Mitsubishi Materials Corporation 25%

Product

Copper concentrate

Annual production

26,000 tons (Based on copper volume, 2024 results)