Japan-based JX Advanced Metals has revealed that its subsidiary Pan Pacific Copper (PPC), in which it holds a 47.8% ownership stake, has sold all issued shares of Compañía Minera Quechua (CMQ), a fully owned PPC subsidiary, to Glencore Peru Holding.
Following the share transfer, Glencore will hold all of CMQ’s mining interests in the Quechua copper project.
Since acquiring interests in the project in 2007, PPC has carried out several feasibility studies to evaluate its economic viability.
However, the company deferred moving into the development phase because it was prioritising the Caserones copper and molybdenum project, which it was advancing in parallel, as well as because of the challenges involved given that PPC was carrying out the development on its own.
Glencore holds multiple mines and mining concessions near the Quechua project, enabling it to leverage the surrounding mines’ existing infrastructure for more efficient regional operations.
The transfer allows PPC’s equity partners, including JX Advanced Metals, to reallocate business resources to initiatives that align with their individual policies.
JX Advanced Metals stated that to realise its Long-Term Vision for 2040, it is rapidly expanding its Focus Businesses within the advanced materials sector.
Simultaneously, it is optimising and bolstering the resilience of its Base Businesses in mineral resources, metals and recycling, ensuring a strong base to support the growth of its Focus Businesses.
The company is also strengthening supply chains for copper and minor metals.
In its Mineral Resources segment, JX Advanced Metals aims to curb volatility through portfolio restructuring.
This strategy includes divesting portions of its stakes in major copper mines and investing or participating in minor-metal projects to ensure a stable supply of minor metals, rare earths elements and other resources for its Focus Businesses.
According to the company, the transfer of its mining interests to Glencore is consistent with the steps it has taken in recent years.
In September, Reuters reported that JX Advanced Metals was set to reduce its copper production by several tens of thousands of tonnes in fiscal year 2025 compared to previous projections.
