Dowa Metals to Double Ore Procurement Rate

25 May 2010 (Last Updated May 25th, 2010 18:30)

Dowa Metals & Mining is looking to double its ore procurement rate from its mines to 30% to face-up to competition from China and India. The company is planning to invest in small- and medium-sized mine projects to reach the 30% target in five years, said Dowa Metals & Mining pres

Dowa Metals & Mining is looking to double its ore procurement rate from its mines to 30% to face-up to competition from China and India.

The company is planning to invest in small- and medium-sized mine projects to reach the 30% target in five years, said Dowa Metals & Mining president Nobuo Yamazaki.

Last month Dowa announced it would spend $183m to buy a 25% stake in the Gibraltar copper mine in British Columbia.

Dowa said it expects the acquisition of Gibraltar will help it raise its procurement rate to 15% this year, according to Bloomberg.

Dowa Metals currently secures 5 to 6% of its copper ore needs from Canada’s Huckleberry mine.