Nippon Mining to Boost Copper Production

Japanese metals miner Nippon Mining Holdings is set to invest JPY510bn (US$4.9bn) over three years to expand metals output.

The company says it is stepping up efforts to boost copper production after the price of the metal has more than doubled in the past four years.

"We will invest aggressively in growing sectors to achieve the target in fiscal 2015," Nippon's President Mitsunori Takahagi told Bloomberg reporters.

The company also says Chile's Caserones copper mine will be delayed about one year to 2012 due to feasibility studies.

"The mine will likely have larger-than-expected reserves, so it will take more time to estimate the size," says Takahagi.

Pan Pacific Copper, in which Nippon Mining holds a 66 percent stake, will spend about US$450m to develop the Quechua copper deposits in Peru, which it bought last year.

The plan is part of Nippon Mining's aims to spend about JPY1tn by the end of March 2015 to expand overseas and boost profits.

Nippon also plans to improve operations and boost output at its oil refineries in Japan.

By staff writer