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Nippon Mining & Metals and Mitsui Mining and Smelting Co Ltd said on Monday they would merge their copper smelting operations into their joint venture company Pan Pacific Copper Co around April 2006.
A senior official of Nippon Mining said Pan Pacific, a joint sales company set up in 2000 between the two metals mining companies, would take a more aggressive role in new overseas metals exploration projects.
Japan's top copper smelter Nippon Mining, part of Nippon Mining Holding Inc, holds a 66 percent stake in Pan Pacific, while Mitsui Mining holds 34 percent.
"The move to merge smelting operations will raise efficiency in our business," Eiji Kato, a Nippon Mining senior executive officer, told a news conference.
Kato said the move would also help cut costs.
Nippon Mining will transfer its Saganoseki and Hitachi smelting facilities to Pan Pacific. Annual production at the two operations totals about 450,000 tonnes a year.
Mitsui Mining will transfer its Hibi Kyodo Tamada smelting facility, with annual production capacity of 228,000 tonnes, in Okayama prefecture in western Japan to Pan Pacific.
"We are also planning to take a more active stance in taking part in new overseas metal exploration projects through Pan Pacific by making good use of human and technical resources of both companies," Nippon Mining's Kato said.
The companies are not planning to transfer their ongoing exploration projects, however.
Japanese companies have become more eager to take part in overseas metal development projects as they face competition from countries such as China and India, industry sources said.
Nippon Mining said earlier this month it would merge its three non-ferrous metals firms into one company by next April to improve competition.
Nippon Mining Holdings was established in September 2002 through a management consolidation between oil refiner and smelter Japan Energy Corp and leading copper smelter Nippon Mining & Metals.

Copyright Reuters, 2005

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