Mar 26, 2021

Mitsui & Co boosts share in Collahuasi copper mine

Mitsui
Collahuasi
Chile
Copper
Daniel Brightmore
1 min
Collahuasi
Japan’s Mitsui Mining & Smelting selling 0.97% stake in Chile mine to its parent company, trading house Mitsui & Co., as part of a portfolio reshuffle...

Mitsui has been participating in Collahuasi for 25 years since 1996, and the agreement this time will allow Mitsui to acquire the 8.1% equity held by MMS in Japan Collahuasi Resources B.V., a holding company jointly owned with MMS. As a result, JCR will become a wholly owned subsidiary of Mitsui.

“Collahuasi is one of the world's top copper mines in terms of production and reserves, operated under a large scale open-pit mine with high grade ore and cost-competitiveness,” the company said in a statement.

Copper is an important industrial material. Rising environmental awareness on a global scale over the recent years is reflected in the increase of EVs and development in renewable energy infrastructures. These trends are expected to drive increased demand for copper.

The corporate strategy defined in Mitsui's Medium-term Management Plan 2023 calls for evolution of portfolio management and enhancement of profitability in its core business. 

Together with the divestiture of Mitsui's interest in the Caserones copper mine in Chile announced last November, the acquisition of increased interest in Collahuasi forms part of the business portfolio restructuring under this strategy. 

Mitsui will strive to contribute to sustainable social and environmental development by working to maximize the value of its existing businesses and enhance its functions throughout the value chain.

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Jun 29, 2021

Vale invests $150mn to extend life of Manitoba operations

Vale
Nickel
Manitoba
battery metals
2 min
Vale’s $150mn investment in operations at Thompson, Manitoba will extend mine life by 10 years

Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.

Global energy transition is boosting the market for nickel

The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.

“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.

“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”

Vale continues drilling program at Manitoba

Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.

“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.

“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”

The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history.  Mining of the Thompson orebody began in 1961.

“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.

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