Japan's Pan Pacific plans 1.3% cut in first-half copper output
03/04/2020 08:03
TOKYO, April 3 (Reuters) - Japanese miner Pan Pacific Copper
(PPC) said on Friday it plans to consign production of 295,000
tonnes of refined copper to its parent organisations' smelters
in the first half of the financial year, down 1.3% from a year
earlier.
The country's first half of the financial year falls between
April and September.
PPC is 67.8% owned by JX Nippon Mining & Metals, a unit of
JXTG Holdings Inc 5020.T , and the remaining held by Mitsui
Mining and Smelting Co Ltd 5706.T .
Due to a restructuring announced by its parent companies in
December, PPC's holding of Saganoseki Smelter & Refinery in
western Japan and Hitachi Refinery in eastern Japan was
transferred to JX Nippon Mining as of April 1. PPC's holding of
Hibi Smelter and Tamano Smelter in western Japan was also
transferred to Mitsui Mining. urn:newsml:reuters.com:*:nFWN28S0RM
PPC will continue to procure raw materials and sell the
refined metals.
The latest production plan has not included any impacts from
the coronavirus pandemic, a spokesman for the miner said. "We
have not seen any specific impact yet, but we will likely have
an impact if the pandemic lasts for long."
Following are the details of the company's output plan, with
comparisons against planned production in the second half, and
actual production in the first half of the 2019-20 financial
year which ended on March 31.
(Copper in tonnes):
H1 FY20/21 H2 FY19/20 H1 FY19/20
Copper 295,500 298,700 299,300
(Reporting by Yuka Obayashi; Editing by Shounak Dasgupta)
((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761))