Japan's JX says its Pan Pacific Copper unit sells stake in Peruvian mine to Glencore

JX Advanced Metals

16/12/2025 01:48

TOKYO, Dec 16 (Reuters) -
Japan's JX Advanced Metals 5016.T on Tuesday said its Pan Pacific Copper (PPC) unit sold its entire stake in an undeveloped copper project in Peru to Glencore GLEN.L for an undisclosed sum.

The sale is part of JX's effort to
reorient
 its portfolio toward its advanced materials business and away from its more volatile mining operations.

Since acquiring mining interests in the Quechua project in 2007, PPC conducted multiple feasibility studies to assess its  economic viability, but did not move into the development phase as it prioritised the Caserones copper mine in Chile.

PPC bought the Quechua stake, which has estimated mineral reserves of 260 million metric tons, for $40 million. At the time, it planned to start production in 2012 and target output of 210,000 tons of copper concentrate, equivalent to about 60,000 tons of copper.

JX is a leading manufacturer of sputtering targets, which are materials used to create thin metal films used in chip production.

Since 2019, the company has shifted its focus away from mining and smelting toward materials used in smartphones, cars, and telecommunications infrastructure, after incurring hefty losses at the Caserones mine.

PPC, Japan's largest supplier of refined copper, is 47.8% owned by JX; Mitsui Mining and Smelting 5706.T owns 32.2% of the company and Marubeni 8002.T owns 20%.

 (Reporting by Yuka Obayashi; Editing by Thomas Derpinghaus)

 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))