News Release

JX Nippon Mining & Metals Corporation (Head Office: Otemachi 1-chome, Chiyoda-ku, Tokyo; President: Seiichi Murayama; “JX Metals”), Mitsui Mining & Smelting Co., Ltd. (Head Office: Osaki 1-chome, Shinagawa-ku, Tokyo; President: Keiji Nishida; “Mitsui Kinzoku”), and Pan Pacific Copper Co., Ltd. (Head Office: Otemachi 1-chome, Chiyoda-ku, Tokyo; President: Akira Miura; “PPC”) announce the establishment of the following subsidiaries, based on the Basic Agreement of December 19, 2019 regarding revision of their joint structure for copper operations (“the Basic Agreement”).

 

The companies further announce that, as a result of deliberation among the three companies in accordance with the Basic Agreement concerning the resources business of PPC, the Caserones Copper Mine-related business in the Republic of Chile is to be transferred to a venture company mentioned below (“New resources company”) directly funded by JX Metals and Mitsui Kinzoku. In addition, other resources projects, mainly for mineral exploration, are expected to be transferred to JX Metals or sold by PPC.

 

　●Smelting and refining subsidiaries

　　1. JX Metals Smelting Co., Ltd.  See the attachment for an overview.

　　2. Hibi Smelting Co., Ltd.  See the attachment for an overview.

 

　●New resources company

　　3. Nippon Caserones Resources Co., Ltd. See the attachment for an overview.

 

[Appendix: Overviews of Affiliated Companies and Organization Structure]