The Mineral Resources Business supports the long-term, stable procurement of raw materials for use in advanced materials handled by our Group. To do so, we participate in overseas copper and minor metal mines, and operate domestic auriferous silica ore mines. Not only do we operate and manage mines, we also actively engage in the investigation and development of new projects, such as future exploration activities.
As announced in our news release issued on March 28, 2023, we decided to transfer our 51% stake in SCM Minera Lumina Copper Chile to Lundin Mining Corporation of Canada. SCM Minera Lumina Copper Chile is now the operating subsidiary of our Caserones Copper Mine. The participation of Lundin Mining Corporation as a management partner of Caserones Copper Mine is expected to generate many synergies, including productivity improvements and enhanced cost competitiveness. In terms of operations, the Caserones Copper Mine reached a cumulative production of 1 million tons of copper to date, despite production declines resulting from heavy snowfall and water restrictions. Production at the Los Pelambres Mine was reduced due to delays in expansion plan progress.
In new mine development projects, we established a cross-divisional project team to ensure stable supply of raw materials for downstream operations. This team evaluated and studied specific projects focused on tantalum and titanium. As a result, we launched a joint venture (JV) with AMG Brasil SA (“AMG”) and began production of tantalum concentrate in January 2023. This concentrate is produced from ore at the Mibra Mine operated by AMG.
Caserones Copper Mine works to improve productivity and strengthen cost competitiveness through their partnership with Lundin Mining Corporation, a company which has an excellent mine operating capacity. The mine will also participate in integrated development in a Lundin Group exploration project nearby, which will enable extended mine life and other long-term business operations. Going forward, the Caserones Copper Mine will continue to support the Copper Smelting Business as an important raw material supplier. The Los Pelambres Mine will focus on increasing production during fiscal 2023 through the completion of the expansion plan.
In addition to our participation in the Mibra Mine (tantalum business), we will move forward with the investigation and survey of various minerals around the world, including minor metals, copper, and silica ore. Here, we aim to achieve stable supplies of raw materials based on future needs in our midstream and downstream businesses, as well as commercialize our business.
At JX Metals, we decided to participate in the production of raw tantalum materials as our first step toward expanding our resource business into the Minor Metal Business. Since January 2023, we have produced tantalum concentrate at the Mibra Mine, operated by AMG, under a joint venture (JV) between JX Metals and AMG. Tantalum and many other minor metals are expected to become increasingly important as raw materials for use in advanced materials. Securing long-term, stable supplies of these raw materials will be vital, as companies will be required to take proactive steps toward ethical and sustainable responsible procurement that takes safety and human rights into consideration. JX metals will further pursue long-term, stable supply of raw materials and responsible procurement through our part participation in this project.
Overhead view of Mibra Mine and operating plant
