Sumitomo Metal Mining unveiled a 10-year plan to become a market leader in non-ferrous metal mining and production.
The plan includes using its non-ferrous metals resources effectively to create a worldwide presence and increase its global metal production volumes. The company said it was looking to strengthen its joint ventures for copper mines and increase its nickel ore resources by 2030.
Additionally, the miner also plans to commercialize its cobalt battery recycling business over the 10-year period and expand its product portfolio to include mining for lithium, another growing electric vehicle batteries material, from salt-lake brine.
Also included in the decade-long plan are initiatives to make mining more sustainable by implementing climate change countermeasures, expand its low-carbon business—including for EV batteries and sunlight shielding ink—and promote technology that mitigates pollution from company mines and facilities.
In February, the Japanese non-ferrous metals miner reported its consolidated gross profit in Q3 2019—which ended December 31, 2019—had declined. The company’s consolidated profit before tax had decreased by JPY19.2bn ($180.63mn) to JPY67.473bn in Q3 2019, compared with the same quarter in the prior year.
Its consolidated net sales also decreased to around JPY644.77bn from JPY703.49bn in Q3 2018 due to diminishing copper prices, as well as a poor outlook for the global economy during that period. The company reported an increase in its automotive batteries sales, which were offset by deceleration in the smartphone components market.
US$ 1 = JPY 106.34