ANNUAL REPORTFor the year ended March 31, 2021

2021

Nittetsu Mining Co., Ltd.

Financial Highlights
Consolidated
Nittetsu Mining Co., Ltd. and Consolidated Subsidiaries
Years ended March 31
Thousands of
US dollars

Millions of yen

For the year
Net Sales
Profit Attributable to Owners of Parent

2021

2020

2019

2018

2017

2021

¥ 119,159¥ 117,502¥ 123,372¥ 118,709¥ 107,325$ 1,076,322

3,746

4,518

5,360

4,877

7,289

33,842

188,735

173,954

171,717

172,431

167,260

1,704,774

At year-end
Total Assets

Yen

US dollars

Per share data
Earnings per Share¥ 450.37¥ 543.16¥ 644.24¥ 586.12¥ 875.83$ 4.07

Non-Consolidated
Nittetsu Mining Co., Ltd.
Years ended March 31
Thousands of
US dollars

Millions of yen

For the year
Net Sales
Profit

2021

2020

2019

2018

2017

2021

¥ 94,434¥ 93,550¥ 100,515¥ 94,725¥ 86,149$ 852,988

2,044

3,158

5,476

4,125

6,695

18,467160,171

147,502

146,933

148,606

143,922

1,446,763

At year-end
Total Assets

Yen

US dollars

Per share data
Earnings per Share¥ 245.76¥ 379.57¥ 658.20¥ 495.76¥ 804.54$ 2.22

Notes: 1 US dollar amounts are translated from yen, for convenience only, at the rate of ¥110.71=US$1.
2 Figures for FY2018 (the fiscal year ended March 31, 2018) reflect amendments to the settlements of past fiscal years.
3 Of the expenses related to seconded employees, which were previously displayed as non-operating expenses, those for consolidated subsidiary
have been changed to include them in selling, general and administrative expenses from FY2019 (the fiscal year ended March 31, 2019).
Operating income FY2018 (the fiscal year ended March 31, 2018) is the value after retroactive adjustment that reflects the changes inpresentation method.

Contents
1
2
4
5
6
7
8
10
10
12
13
14
17

Management Policy / History
Medium-Term Management Plan
The Potential of Resource Development
Business Information
Segment Information
Corporate Information
Message from the Management
Consolidated Financial Information
Balance Sheets
Statements of Income
Statements of Comprehensive Income / Statements of Cash Flows
Notes to Consolidated Financial Statements
OutlineManagement Policy
Be an inclusive company where every
employee has a feeling of pride andaccomplishment at work
Under this policy, we aim to be a company that can achieve the following objectives.
• Keep evolving in response to the needs of the times• Live up to the trust of society and prosper together• Fulfill the trust and expectations of shareholders• Make employees’ lives more enriching• Empower employees for self-realization

History
December 1899

Began as the Raw Materials Department of the state-owned Yahata Steel Works when the disused Futase Mine in Iizuka-shi, Fukuoka
Prefecture started producing again

January 1934

The former Japan Iron & Steel Co., Ltd. (presently, NIPPON STEEL CORPORATION) was established through contributions in kind by thestate-owned Yahata Steel Works, along with four other private iron manufacturing companies, and takes over operations to Futase Mine

May 1939

The mining division was separated from the former Japan Iron & Steel Co., Ltd. in order to develop and securing raw materials, such ascoal, iron ore, and limestone for steelmaking with 50 million yen in capital to establish the company
The major domestic and overseas mines of Futase (Fukuoka Prefecture), Kamaishi (Iwate Prefecture), Kucchan (Hokkaido Prefecture), andAkatani (Niigata Prefecture) were taken over and coal was mined from there

March 1954

Listed on the Tokyo Stock Exchange, First Section

May 1959

The Mitaka Research Laboratory was established (name changed to Research and Development Center in April 1989, transferred to
Hinode-machi, Tokyo-to in October 1994, and the name was changed to the R&D Department in April 2003)

November 1968

The Hibi Kyodo Smelting Co., Ltd. was established through joint financing with Mitsui Mining & Smelting Co., Ltd. and Furukawa Mining
Co., Ltd. (presently, FURUKAWA CO., LTD.)

April 1971

The Torigatayama Quarry Complex was established (the largest limestone mine in the country, owned by the Company)

October 1973

The Machinery Sales Department was established

April 1985

The Chemical Products Sales Division was established (April 1993 Changed the name to Environmental Sales Department and establishedthe Environmental Division. Part of the business was integrated into the Mineral Resources Division)

April 1989

The Real Estate Sales Division was established

January 2003

Starting trial operations at Atacama Copper Mine (Republic of Chile) (full-scale operations started in June that year)

September 2013

The Renewable Energy Department was established

December 2013

Obtained Green Cycle Certification Council (SGEC) forest management certification for Shiraoi company-owned forests

October 2017

Acquired additional shares in Compañía Minera Arqueros S.A. to develop a copper mine in Republic of Chile.
1Medium-Term Management Plan
Second Medium-Term Management Plan (FY2021 to FY2023)

Long-Term Vision

Achieve sustainable growth by contributing to society through the development
and stable supply of mineral resources and by harnessing the collective strengthsof the Group as an integrated mineral resources company.
Second Medium-Term Management Plan Basic Policy
Basic Policy
We will steadily implement large-scale investments, aiming to acquire resources for sustainable growth.
We will allocate management resources in response to demand trends in Japan and overseas.
The current medium-term management plan period is a time for full-fledged implementation of large-scale investments with aneye to future growth. The third shaft at the Torigatayama Quarry Complex (limestone) is under construction with the aim of
beginning full-scale operation in fiscal 2023. We will proceed with development at the new mining area at the Hachinohe Mine,already under development, and at the Arqueros copper mine, which is in the development preparation stage, aiming for
full-scale operation in the next medium-term management plan period.
We recognize that it is important to respond flexibly to demand trends in Japan and overseas, especially in relation to structuralreform at steel manufacturers, which are major purchasers of limestone, while securing profits that can handle such active
investments and maintaining financial soundness.
For this reason, we will work to identify growth areas and develop demand in all our businesses, and strive to balance our SDGs
initiatives with our business activities.

Balancing Business Activities and SDGs Initiatives

We will balance our business activities that aim for the sustainable growth of
the Group and our SDGs initiatives.
Business activity

Relevance

Related SDGs

Contribute to the development of industrial infrastructure, regional
development, and employment
Operation of an environmental management system in accordancewith ISO 14001 (certification obtained for all limestone mines under direct control)
In-house generation of electricity by long distance conveyor belt (Torigatayama)

MineralResources

Development andoperation of limestone
mines, copper mines,
etc.

Futureinitiatives• Micro power generation using water from mine shafts and solar power
generation for offices and company-owned land
• Collaborate with local governments to use public water for low power generation• Cooperate with manufacturers to consider hybridization and electrificationof heavy mining equipment

Reuse steel slag and copper slag, and increase procurement of recycled
raw materials to Tamano Refinery

Carbon-neutral
society

Greening and appropriate maintenance of former mine sites (used effectively

in some real estate projects) and sedimentation sites

Forest certification system: Operate in accordance with SGEC
(certification acquired in company-owned forest in Hokkaido)

Water purification for sewage treatment and industry effluent

Machinery &Environmental
Engineering

Production and saleof wastewater
treatment agents,
dust collectors
and deodorizers

Use of recycled materials and coagulation to save energy in factories
Improve air quality through dust collection and deodorization

Renewable
EnergyR&D
Department2

Supply steam to geothermal
power station
Solar and hydroelectric
power generation
Develop new products andmaterials that will contributeto existing and new businesses

Pursue sustainability of renewable energy
Futureinitiatives• Construction of our own geothermal power plant• Study and promote introduction of renewable energy for in-house power
generation and consumption throughout the Group

Futureinitiatives• Research hydrogen recovery from hydrogen sulfide• Research recycling of lithium-ion battery materials

Specific initiatives
to achievecarbon neutrality

Medium-Term Management Plan

Financial Indicators and Medium- to Long-Term Management Goals• We will improve our ROA (return on assets) in order to improve operating profit through the efficient operation of total capital.
• We will maintain a stable capital equity ratio.
ROA (operating profit)

Stable capital equity ratio

Operating margin

Total capital turnoverLong-term life cycle of the mining industry

Increase profitability by improving quality
and controlling costs

Improve capital efficiency by reducing debt
and cross-shareholdings

Preparation of investment for sustainable growth
Temporary decline due tofull-fledged investment period

FY2019Results

FY2020Results

FY2023Return on investment andnext investment preparation period

Medium- to long-term goals

Plan

Operating margin

6.4%

7.3%

6% or more

Total capital turnover

0.68

0.63

0.7 or more

0.9 or more

ROA (operating profit)

4.4%

4.6%

4% or more

7% or more

Capital adequacy ratio

57.5%

58.9%

57.5% or more

60% or more

8% or more

Numerical Target(Assumptions) Exchange rate: ¥105 = US$1, copper price: 350 cents/pound ($7,716/ton)(Billions of yen)

FY2019 results

FY2020 results

FY2021 plan

FY2022 plan

FY2023 plan

117.5

119.1

128.4

125.6

123.8

7.5

8.7

9.4

9.0

7.3

Net sales
Operating profit

Financial Plan and Capital Investment Plan
(Billions of yen)

FY2019 results

FY2020 results

FY2021 plan

FY2022 plan

FY2023 plan

EBITDA

12.9

14.0

15.2

14.8

15.4

Capital investment

8.8

7.5

12.1

13.2

17.3

Depreciation

5.3

5.3

5.8

5.8

8.1

*EBITDA: Operating profit + depreciation

Policy on Shareholder Returns
Our core business, the mining industry, is an extremely long-term business, starting with research and development before
moving on to subsequent operations spanning several decades or more. During that time, profits will vary due to fluctuations in
the price of resources and other factors. However, given the business characteristic of a long life-cycle, and in order to prepare
for future investments aimed at sustainable growth, we will provide a stable dividend over the long term while maintaining an
optimal balance between improvements to shareholders’ equity and returning profits to shareholders.

FY2021 to FY2023

Seek to return a consolidated payout ratio of 30%
FY2018FY2019FY2020

17.1%

16.6%

22.2%

110 yen/share

90yen/share

100 yen/share*Reference: Past consolidated payout ratios

Note: Details concerning the plans or forecasts appearing on this page were prepared based on certain conditions determined to be reasonable by
the Company at the time. The Company does not guarantee the accuracy or completeness of this information. Actual business performance
could vary substantially from the plans outlined here due to various risk factors and other elements of uncertainty.

3

The Potential of Resource Development
As the phrase “strike it rich” goes, many people believe that mining and mine operations involve looking for and exploiting
new ore deposits. Fundamentally, mineral resources are a non-renewable resource, so mines are predestined to close after all
the mineral resources are extracted. Therefore, new development of resources holds an extremely important meaning formining companies.
Nittetsu Mining continuously engages in resource development targeting non-metallic resources such as limestone andsilica rock in Japan and abroad and non-ferrous metal resources such as copper, gold, silver and tin in the Pacific Rim, includingSoutheast Asia and South America.

Initiatives for resource development
Republic of the Unionof Myanmar (copper, tin)
Philippines (limestone)

Lao People's Democratic
Republic (copper)
Kingdom of Cambodia(copper)

Republic of Fiji (copper)

Atacama Copper Mine

13,000 ton

Kingdom of Morocco(tin)

Arqueros Copper Mine

15,000 ton

Furthermore, extending the service life of mines isanother critical mission for resource development.
Nittetsu Mining’s Atacama Copper Mine
commenced operations in 2003, and while theinitial mining period was scheduled to be around 11
years, we continue to produce and supply copperore in a stable manner today, more than 15 years
later. This is because of our efforts to increase mine
output by conducting mineral exploration in thearea around the mine after we started operating.

Resource development, which takes place around the world, is not an overnight venture and it carries with it a number of risks
and uncertainties. Mineral exploration is known by the phrase “senmitsu (literally: three in 1,000),” referring to the tendency for
only three out of 1,000 mineral exploration sites to make it to commercialization. In addition to risks closely linked to minedevelopment, such as geopolitical risks and country or region risks where development takes place, other risks have emerged inrecent years, such as rising development costs due to the deeper nature of ore deposits and changing resource nationalism.
Since its establishment, Nittetsu Mining has established a track record as a mining company that has consistently tackled
subterranean resource development. With this confidence, we engage in resource development, from greenfield development
to securing concessions, and stand-alone mineral exploration, mine development and operations.

4Business Information
Mineral Resources

Net sales

103,226 million yen

Development of subterranean resources both within and outside of Japan alongwith stable production and supply at non-metallic and non-ferrous metals mines
Composition
ratio

The Mineral Resources Group comprises the Non-Metallic Minerals Division and Metallic Minerals Division, forming an important pillar of
Nittetsu Mining’s business operations.

Non-metallic Minerals Division

Metallic Minerals Division

Our company has limestone mines across Japan, such as the
Torigatayama Quarry Complex in Kochi Prefecture, the largest
mine in the country with the highest annual production, placing
us among the top class domestically.

The Metallic Minerals Division develops and operates the
Atacama Copper Mine of the Republic of Chile in South America
and smelts electrolytic copper on consignment from Hibi Kyodo
Smelting Co., Ltd.

Major Products and Services

Major Products and Services

Limestone, crushed stone, dolomite, silica rock, andspecialty papers, etc.

86.6%

Metallic
Minerals
45.1%

Non-metallic
Minerals
41.5%

Electrolytic copper, gold, and silver, etc.

Machinery & Environmental Engineering

Net sales

11,347 million yen

Sale of various eco-friendly products
The Machinery & Environmental Engineering Segment of our company includes the Environment Division, which mainly supplies
environmental products such as wastewater treatment chemicals, etc., and the Machinery Division, which mainly deals in environmental
products such as dust collectors, plasma deodorizing smoke separators, etc.

Environment Division

Machinery Division

The Environment Division supplies wastewater treatment
chemicals, with a special emphasis on Polytetsu®.

The Machinery Division focuses on producing eco-friendly
environmental machines and a range of industrial machines thatmeet the extensive needs of customers.

Major Products and Services

Major Products and Services

Polytetsu®, Tetsuflock®, Dashace®, etc.

Composition
ratio

9.5%

Sinter Lamelar filter®, Plasmadash®, Geo-sinter®,
Elbow-Jet separator air-classifier, etc.

Real Estate

Net sales

2,803 million yen

Leasing business including office buildings and condominiums, and sale of real estate
The Real Estate Division of our company has carried out business activities to effectively use company-owned real estate. Mindful to theneeds of the market, this division also manages company-owned office and apartment buildings in urban areas and is leasing
restaurants, stores, factories, warehouses, parking lots, and other properties, some at disused mines and idle land, across the country.

Composition
ratio

2.4%

Major Products and Services

Leasing and sales of office buildings, condominiums, stores, factories and warehouses, and real estate, etc.

Renewable Energy

Net sales

1,782 million yen

Natural energy development while being mindful of the environment
In our Renewable Energy Segment, we are working to develop geothermal, hydroelectric, solar and other environmentally friendly
natural energy sources.

Geothermal Division

Solar Power Division

The Geothermal Division is engaged in geothermal surveys anddevelopment, while being mindful of the environment.

The Solar Power Division is constructing solar power plants oneight unused company-owned sites as part of our developmentof natural energy, and selling the power to power companies.

Major Products and Services

Major Products and Services

Survey and development of geothermal energy, andsupply and sale of geothermal steam

Composition
ratio

1.5%

Power generation using solar power generation and the
supply and sale of electricity

5

Segment Information
Nittetsu Mining Co., Ltd. and Consolidated Subsidiaries

Net Sales by Business Segment(Year ended March 31, 2021)
Business segment

Net sales(Millions of yen)

% change fromprevious fiscal year

% of total
net sales

Non-Metallic Minerals¥ 49,464(9.11)

41.5

Metallic Minerals¥ 53,761

17.37

45.1

Machinery & Environmental
Engineering¥ 11,347(9.37)

9.5

Real Estate¥ 2,803(2.85)

2.4

Renewable Energy¥ 1,782(4.58)

1.5¥119,159

1.41

100.0

Total

Real Renewable
Estate Energy
Machinery &Environmental
Engineering

Non-Metallic
Minerals

Sales
Distribution
Ratio
Metallic
Minerals

Breakdown of Net Sales(Years ended March 31, 2021 and 2020)

Business segment(Millions of yen)

2021

Major products% of total net
sales

Net sales% of total net
sales¥ 24,859

20.9¥ 27,418

23.3¥ (2,558)

Crushed stone

6,428

5.4

6,269

5.3

159

Calcium carbonate

3,272

2.7

3,536

3.0

(264)

Ancillary products
and others

14,904

12.5

17,19914.7(2,294)Sub-total

49,46441.5

54,423

46.3(4,958)

Electrolytic copper

38,67332.5

31,258

26.6

7,415

Copper concentrate

9,748

8.2

10,3198.8(570)

Others

5,339

4.4

4,227

3.6

1,111

Sub-total

53,76145.1

45,804

39.0

7,956

¥ 103,226

86.6¥ 100,227

85.3¥ 2,998

Machinery engineering

4,712

4.0

5,689

4.8

(977)

Environmental engineering

6,634

5.5

6,830

5.8

(195)

¥ 11,347

9.5¥ 12,520

10.6¥ (1,173)

Non-Metallic
Minerals

MineralResources

Metallic
Minerals

Total

Total

6

Increase(decrease)

Net sales

Limestone

Machinery &Environmental
Engineering

2020

Real Estate

Real estate rentals and sales

2,803

2.4

2,886

2.5

(82)

Renewable
EnergyGeothermal steam supply, solar power,hydroelectric power

1,782

1.5

1,868

1.6

(85)

Total

¥ 119,159

100.0¥ 117,502

100.0¥ 1,656

Corporate Information
Organizational Chart
As of March 31, 2021

Torigatayama Quarry Complex

General Meetingof Shareholders

Internal Audit Office

Board of Directors

General Administration
Department

Audit & Supervisory
Board Members
Audit & Supervisory
Board

Shiriya Quarry Complex

Ikura Quarry Complex
General Accounting
Department
Higashi-shikagoe Quarry Complex
Limestone & Raw Materials
Sales Department

Nagaoyama Quarry

Non-Ferrous Metal & Ore
Department

Yamaguchi Quarry

Tokiwa Quarry

Machinery & Environmental
Sales Department

Oita Quarry Complex

President
Mining Department

Management Council

Tochigi Quarry Complex

Resources Development
Department

Kagoshima Geothermal Facility

Osaka Branch Office

R&D Department

Kyushu Branch Office
Safety Administration Office
Hokkaido Branch OfficeBusiness Continuity
Management Office

Tohoku Branch OfficeDirectors and Audit & Supervisory Board Members
As of June 29, 2021

Representative Director and President

Reiichi Morikawa
Managing Directors

Shinya Yamasaki
Yuji Somatsu
Directors

Yukihiko Hagikami(Supervision of Resource Development Department, Director andPresident of Sociedad Contractual Minera Atacama Kozan)

Standing Audit & Supervisory Board Members

Seiji Yasuda
Kazuhiko Kojima
Audit & Supervisory Board Members

Yoshiro Wakayanagi
Eiki Hotta
Corporate Executives

Hirofumi Fujimoto

Jiro Fujitsu

Kenji Otakara

Masanobu Kawata(Supervision of General Administration Department,
BCM Promotion Office)(Supervision of General Accounting Department, Limestone & Raw
Materials Sales Department, Non-Ferrous Metal & Ore Department)

Nobumichi Izumi
Kenichi Itakura(Representative Director and President of Hachinohe Mining
Co., Ltd.)(General Manager of R&D Department)

Hiroyuki Sakaguchi(General Manager of Limestone & Raw Materials Sales
Department, Non-Ferrous Metal & Ore Department)

Ken Soda(General Manager of Torigatayama Quarry Complex)

7

Message from the Management
Operating Conditions and Consolidated Results
During fiscal 2021, the year ended March 31, 2021, amid the major downturn in the world economy
caused by the COVID-19 pandemic, Japan’s economy continued to face challenging conditions as thecountry experienced a resurgence in COVID-19 cases despite seeing signs of an economic recovery
materialize temporarily.
Amid these economic conditions, the Nittetsu Mining Group posted net sales of ¥119,159 million, up
1.4% year on year, due to an increase in sales of the Metallic Minerals Division.
As for profits, operating profit rose to ¥8,726 million, up 15.2% year on year, thanks to the improving
bottom line of the Metallic Minerals Division, and ordinary profit increased to ¥9,629 million, up 20.2%
year on year, as both profit indicators rose over the previous fiscal year. However, profit attributable toowners of parent declined to ¥3,746 million, down 17.1% year on year. This decrease is attributed to thebooking of extraordinary losses from the fire that occurred at the Company’s Torigatayama Quarry
Complex, and other factors.

Consolidated Business Results by Segment
Mineral Resources
Non-Metallic Minerals Division
Net sales of the Non-Metallic Minerals Division dropped 9.1%, or ¥4,958 million, over the previous fiscal
year, to ¥49,464 million, due to a decrease in the sales volume of mainstay product limestone. Operating
profit declined 18.2%, or ¥1,243 million, compared to the previous fiscal year, to ¥5,580 million.

Metallic Minerals Division
Net sales of the Metallic Minerals Division rose 17.4%, or ¥7,956 million, over the previous fiscal year, to¥53,761 million, due to an increase in the sales volume of electrolytic copper and higher copper prices.
Operating profit jumped 208.0%, or ¥1,195 million, compared to the previous fiscal year, to ¥1,769 million,
owing to the improved bottom line of the Atacama Copper Mine.

Machinery & Environmental Engineering
Net sales of the Machinery & Environmental Engineering Group decreased 9.4%, or ¥1,173 million over theprevious fiscal year, to ¥11,347 million, and operating profit fell 30.2%, or ¥417 million, to ¥965 million.
These decreases are because of weaker sales in Machinery Engineering and of water treatment agents, amainstay product of the Environmental Engineering Division.

Real Estate
Net sales of the Real Estate Group decreased by 2.9%, or ¥82 million over the previous fiscal year, to ¥2,803
million, but operating profit rose 1.3%, or ¥20 million, to ¥1,630 million, due to a decrease in repair expense.

8Message from the Management

Renewable Energy
Net sales of the Renewable Energy Group decreased 4.6%, or ¥85 million over the previous fiscal year, to¥1,782 million, due to a decline in sales of the Geothermal Division, but operating profit rose 4.5%, or ¥18
million, to ¥434 million, due to a decrease in depreciation and amortization.

Capital Expenditures, Financing and Other Related Matters
Capital expenditures of the Nittetsu Mining Group totaled ¥7,461 million during the fiscal year underreview, down 15.4% from the previous fiscal year. Major outlays were as follows.
(1) Major facility acquired in the fiscal year under review:
There are no particular items to report.
(2) New establishment and expansion of major facility ongoing during the fiscal year under review:
Nittetsu Mining No. 3 Vertical Shaft of the Torigatayama Quarry Complex Construction (Non-Metallic
Minerals Division, Mineral Resources Group)

Challenges Facing the GroupThe Company believes the future outlook will remain unpredictable. This is because it appears time is stillneeded until the COVID-19 pandemic is brought fully under control. In addition to future uncertainty about theeconomy, there are concerns about the impacts of natural disasters that are growing in intensity, along withvolatile foreign exchange rates and unstable commodity prices. Moreover, the management climate facing the
Nittetsu Mining Group is experiencing substantial changes caused by the impacts of structural reforms
undertaken by steelmakers and initiatives by governments and the private sector aimed at achieving adecarbonized society.
Amid these economic conditions, the Nittetsu Mining Group will improve and reinforce its management
structure and strive to improve business performance by working to strengthen and expand its businessfoundation. This includes addressing the management environment to further reinforce sales, increase
productivity, reduce costs, and enhance its business continuity plan (BCP).
Going forward, we will also strengthen corporate governance as well as sustainable growth and improve
corporate value over the medium to long term, in order to fulfill our responsibilities to supply raw materials to
key industries and contribute to co-prosperity with stakeholders, including shareholders, business partners,
local communities and employees.
Furthermore, the Group carries out activities in compliance with ISO 14001, greenery initiatives at minedsites, acquisition of certification for company-owned forests, and power generation from natural energy. Goingforward, we will continue to engage in eco-friendly business activities.
We extend our appreciation to all shareholders and ask for your continued support and cooperation.
June 2021

Reiichi Morikawa
Representative Director and President

9Consolidated Financial Information
Nittetsu Mining Co., Ltd. and Consolidated Subsidiaries

Balance Sheets
As of March 31, 2021 and 2020

AssetsMillions of yen

Thousands of US dollars

2021

2020

2021

¥ 35,510¥ 34,109$ 320,752

Notes and accounts receivable—trade27,604

26,129249,340

Lease investment assets

2,809

3,074

25,374Merchandise and finished goods

5,158

5,459

46,591Work in process

11,7878,238

106,473

Raw materials and supplies

2,325

5,089

21,005

Other

3,119

2,133

28,179Allowance for doubtful accounts

(448)

(435)

(4,053)87,866

83,797

793,663

Buildings and structures

21,647

21,950195,531

Machinery, equipment and vehicles

10,277

9,890

92,833

Land used for mining operations

3,768

3,931

34,038Land for general use

16,283

16,627147,081Construction in progress

10,1598,780

91,768

447

536

4,043

62,58461,716565,297

3,329

3,479

30,077

Investment securities

28,157

18,124

254,340

Deferred tax assets

1,202

2,278

10,857

Other

5,748

4,734

51,926

Allowance for doubtful accounts

(149)

(146)

(1,354)

Allowance for investment loss

(3)

(30)

(33)

34,95524,960315,736¥ 188,735¥ 173,954$ 1,704,774

Current Assets
Cash and deposits

Non-Current Assets
Property, plant and equipment:

Other

Intangible assets

Investments and Other Assets

Total Assets
The accompanying notes are an integral part of these statements.
Totals may not add up due to rounding.

10Consolidated Financial Information

Liabilities and Net Assets
Millions of yen

Thousands of US dollars

2021

2020

2021

¥ 17,588¥ 17,755

16,491

16,259Current Liabilities
Notes and accounts payable—trade
Short-term loans payable$

158,868
148,956

593

555

5,362

Accounts payable—other

7,551

6,327

68,209

Income taxes payable

1,023

1,098

9,242

Provision for bonuses

1,074

1,087

9,708

Lease obligations

Provision for directors’ bonuses

31

32

285

Provision for shareholder benefit program

9

10

86

Provision for product warranties
Provision for loss on fire
Other

7

11

71

548

—

4,952

3,242

2,301

29,28348,16245,440435,028

5,086

4,390

45,946

Non-Current Liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for directors’ retirement benefits

980

763

8,857

2,019

212

18,245

78

114

706

Provision for environmental safety measures

37

58

335

Provision for special repairs

111

202

1,008

Net defined benefit liability

4,476

6,221

40,433

Asset retirement obligations

4,509

4,439

40,735

Other

Total Liabilities

6,861

6,902

61,974

24,161

23,306218,245

72,32368,746653,274

Net Assets
Capital stock

4,176

4,176

37,721

Capital surplus

4,889

4,941

44,166

Retained earnings

91,693

88,695828,229

(167)

(163)

(1,514)

100,591

97,649908,603

10,986

4,330

99,237

79

(114)

720

Treasury shares
Shareholders’ equity
Accumulated Other Comprehensive Income:
Valuation difference on available-for-sale securities
Deferred losses on hedges
Foreign currency translation adjustment

53

418

481

Remeasurements of defined benefit plans(635)(2,223)(5,742)

Total Accumulated Other Comprehensive Income
Non-controlling interests

10,483

2,411

94,697

5,336

5,147

48,199Total Net Assets

116,411105,208

1,051,500

Total Liabilities and Net Assets¥ 188,735¥ 173,954$ 1,704,774

11

Consolidated Financial Information
Nittetsu Mining Co., Ltd. and Consolidated Subsidiaries

Statements of Income
Years ended March 31, 2021 and 2020

Millions of yen

2021

2020

2021

¥ 119,159
92,10427,054
18,327
8,726¥ 117,502
89,49128,011
20,434
7,576$ 1,076,322
831,947
244,375
165,548
78,827

39
591
598
—
315
159
1,704

82
801
241
7
—
128
1,262

355
5,344
5,405
—
2,849
4,291
15,396

272
66
228
136
98
801

266
—
309
123
127
826

2,461
600
2,063
136
4,782
7,243

9,629

8,012

86,979

42
—
1
44

86
50
119
255

387
—
10
397

320
912
1,754
—
82
3,070

211
0
—
308
92
612

2,894
8,242
15,846—
747
27,730

Profit before Income Taxes

6,603

7,655

59,646

Income Taxes:
Income taxes—current
Income taxes—deferred

2,694
(675)

3,128
(528)

24,339(6,099)Profit (Loss) Attributable to Non-Controlling Interests
Profit Attributable to Owners of Parent

2,019
837
3,746

2,600
535
4,518

18,2407,563
33,842Net Sales
Cost of Sales
Gross Profit
Selling, General and Administrative Expenses
Operating Profit
Non-Operating Income:Interest income
Dividend income
Share of profit of entities accounted for using equity method

Foreign exchange gains
Subsidy income
Other

Non-Operating Expenses:
Interest expenses
Foreign exchange losses
Maintenance fees for closed and abandoned mines
Depreciation of assets for rent and other
Other

Ordinary Profit
Extraordinary Income:Gain on sales of non-current assets
Insurance claim income
Other

Extraordinary Losses:
Loss on sales and retirement of non-current assets
Impairment loss
Loss on fireSpecial investigative costs
Other

Profit
The accompanying notes are an integral part of these statements.
Totals may not add up due to rounding.

12

Thousands of US dollars

¥

4,584

¥

5,054

$

41,406

Consolidated Financial Information

Statements of Comprehensive Income
Years ended March 31, 2021 and 2020

Millions of yen

Thousands of US dollars

2021

2020

2021

¥ 4,584¥ 5,054$ 41,406

6,657(5,698)60,131

Deferred losses on hedges

194

(74)

1,752

Foreign currency translation adjustment

(489)

(106)

(4,423)Remeasurements of defined benefit plans

1,587

(234)

14,338

Total other comprehensive income (loss)

7,948(6,114)

71,798Comprehensive income (loss)

12,532(1,059)113,205

Comprehensive income (loss) attributable to ownersof parent

11,819(1,660)106,758

Comprehensive income (loss) attributable tonon-controlling interests

¥

¥ 600

$ 6,446

ProfitOther comprehensive income:
Valuation difference on available-for-sale securities

713

The accompanying notes are an integral part of these statements.
Totals may not add up due to rounding.

Statements of Cash Flows
Years ended March 31, 2021 and 2020

Millions of yen

Thousands of US dollars

2021

2020

2021

¥ 9,414¥ 9,242$ 85,037

Net cash used in investing activities(6,539)(7,714)(59,068)

Net cash used in financing activities(999)(1,454)(9,028)

Effect of exchange rate change on cash and cash equivalents

(124)

(103)

(1,120)Net increase (decrease) in cash and cash equivalents

1,751

(29)

15,819Cash and cash equivalents at beginning of period

33,48433,514

302,454¥ 35,236¥ 33,484$ 318,273

Net cash provided by operating activities

Cash and cash equivalents at end of period
The accompanying notes are an integral part of these statements.
Totals may not add up due to rounding.

13

Notes to Consolidated Financial Statements
Nittetsu Mining Co., Ltd. and Consolidated Subsidiaries

1. Scope of Consolidation(1) Number of consolidated subsidiaries: 22 companies
Main consolidated subsidiaries:
Funao Mining Co., Ltd., Hachinohe Mining Co., Ltd.,
Sociedad Contractual Minera Atacama Kozan, Hokkaido
Lime Co., Ltd., Nittetsu Mining Consultants Co., Ltd.,
Nittetsukoukenzai Co., Ltd., and Kobukuro Techno Co., Ltd.

(2) Names of principal unconsolidated subsidiaries
Yaguki Aggregate Co., Ltd. and Hachinohe Mining andCivil Engineering Co., Ltd.
Reason for exclusion from scope of consolidation:
The unconsolidated subsidiaries are small in scale, andtheir total assets, net sales, profit and retained earnings,
etc. (commensurate with equity holdings), do not have amaterial effect on the consolidated financial statements.

2. Application of the Equity Method(1) Number of affiliated companies accounted for by
the equity method:
1 company: Hibi Kyodo Smelting Co., Ltd.

(2) Unconsolidated subsidiaries (Yaguki Aggregate Co., Ltd.
and others) and affiliated companies (Chokai Calcium Co.,
Ltd. and others) not accounted for by the equity method
are excluded from the scope of application of the equity
method because they have no overall significance andtheir profit and retained earnings (commensurate withequity holdings) would have an immaterial effect on
consolidated financial statements even if they were
excluded from eligibility for the equity method.

3. Business Years of Consolidated Subsidiaries
Companies with account settlement dates different fromthe consolidated account settlement date are as follows:
Company Name
Settlement Date
Sociedad Contractual Minera
December 31
Atacama Kozan
Minera Nittetsu Chile Limitada
December 31
Compañía Minera Arqueros S.A.
December 31
The financial statements of consolidated subsidiaries
as of the account settlement date are used. Necessary
adjustments are made in consolidation for significant
transactions occurring between then and theconsolidated account settlement date.

4 . Summary of Significant Accounting Policies(1) Valuation standard and method for significant assets(a) Marketable securities
Available-for-sale securities:
Securities with fair market value:
Valued at fair market value based on market prices,
etc., at the balance sheet date (valuation differences are
directly charged or credited to net assets, and cost of
securities sold calculated by the moving-average method).
Securities without fair market value:Valued at cost by the moving-average method.

14(b) Derivatives
Market value method(c) Inventories
The standard for evaluation is the cost method (bookvalue devaluation method based on the decline inprofitability). The method of evaluation is the periodicaverage method or the first-in, first-out method,
depending on the product line or type of business.

(2) Method for depreciation and amortization ofsignificant depreciable assets(a) Property, plant and equipment (except for lease assets)
The Company and its domestic consolidated subsidiaries
primarily use the declining balance method. (However,the straight-line method is used for buildings acquired on
or after April 1, 1998 [excluding accompanying facilities
acquired prior to March 31, 2016], buildings for theleasing business [including accompanying facilities] andstructures acquired on or after April 1, 2016 [excluding
major tunnels], while the unit-of-production method isused for certain structures [major tunnels] and land formining.) Overseas consolidated subsidiaries primarily use
the straight-line method.
Estimated useful lives are as follows:
Buildings and structures: 5–60 years
Machinery, equipment and vehicles: 4–25 years(b) Intangible assets (except for lease assets)
For mining rights, the production output method isadopted. For others, the straight-line method is adopted.
Software for internal use is amortized using the straightline method based on its usable period in the Company(5 years).
(c) Lease assets
Leased property under finance leases that do not transfer
ownership are computed over the lease terms assuming
no residual value.

(3) Accounting for significant reserves and allowances(a) Allowance for doubtful accounts
At the end of each fiscal year, the Company and its
domestic consolidated subsidiaries set aside an allowancefor doubtful accounts in the estimated unrecoverable
amount, based on the Company’s loss experience forgeneral credit and on the Company’s individual estimatesof future recoverability for specific accounts, including
doubtful accounts.
(b) Allowance for investment loss
The Company sets aside a reserve to compensate for losses
related to investments in affiliates in the mining businessbased on the financial standing of the applicable affiliate.
(c) Provision for bonuses
The Company and its domestic consolidated subsidiaries
set aside a reserve for provision for bonuses, calculated
based on estimated payments to cover payment ofbonuses to employees.
(d) Provision for directors’ bonuses
The Company and its domestic consolidated subsidiaries

Notes to Consolidated Financial Statements

set aside a reserve to match provision for bonuses,
calculated based on estimated payments to cover
payment of bonuses to directors.
(e) Provision for shareholder benefit program
The Company sets aside a reasonable reserve to cover
payments for expenses of the shareholder benefit program.
(f) Provision for product warranties
The Company sets aside a provision based on the past
implementation rate to prepare for expenses involving
free repair costs within the warranty period for productsthat have been sold.
(g) Provision for loss due to fire
The Company has set aside a reasonable reserve to cover
the expenditures required to restore assets damaged in
the fire that broke out at the Company’s Torigatayama
Quarry Complex on January 21, 2021.
(h) Provision for directors’ retirement benefits
The Company and its domestic consolidated subsidiaries
set aside the amount required to be paid out at the end of
the fiscal year to fund the retirement benefits of directors
in accordance with internal company regulations.
( i ) Provision for environmental safety measures
In accordance with the Special Measures Law for the
Promotion of Proper Disposal of PCB Waste (Law No. 65,
June 22, 2001), the Company sets aside a reasonable
reserve in an amount equivalent to the estimated disposal
expenses for stored PCB.
( j ) Provision for special repairs
The Company and its domestic consolidated subsidiaries
have a provision for special repairs based on the estimatedcost of applicable inspection and repair of ships requiring
regular inspections under the Ship Safety Act, and forregular repairs to steam production and transport facilities.

(4) Accounting method for retirement benefits(a) Attribution method of retirement benefit estimates
The straight-line basis is used as the method for
attributing estimated retirement benefits for the period
until the end of the current fiscal year.
(b) Method of expense recording for actuarial differences
Actuarial differences are recorded as expenses from eachconsolidated fiscal year in which they occur by dividing
the amount proportionately using the straight-line
method over a certain number of years (13 years) within
the average remaining service period of employees
during the consolidated fiscal year. Certain consolidated
subsidiaries of the Company record a lump-sum expensein the consolidated fiscal year in which they occur.
(c) Adoption of the simplified valuation method at small
enterprises, etc.
Certain consolidated subsidiaries employ the simplified
method in which the retirement benefit amountrequired for voluntary termination at year-end isdeemed a retirement benefit obligation for the
calculation of liability associated with retirement andretirement benefit expenses.

(5) Calculation method for revenue from construction work
completed and costs of completed construction work
The percentage-of-completion method is used forconstruction contracts where the outcome of the phase inprogress is deemed certain by the end of the current
consolidated fiscal year, while the completed contract
method is applied to all other construction contracts. In
addition, estimates of the state of completion at the endof the current consolidated fiscal year are calculated using
the cost-to-cost method for construction projects using
the percentage-of-completion method.

(6) Accounting standard for profits from financial
lease transactions
Revenue from financial lease transactions and associatedcosts are recognized at the time of receipt of lease fees.

(7) Standards for translation of significant foreign currencydenominated assets and liabilities into Japanese yen
Current and non-current monetary accounts
denominated in foreign currencies are translated into yen
at the exchange rates as of the balance sheet date, andany translation difference is accounted for as a profit orloss for the year.
All assets and liabilities of overseas consolidated
subsidiaries are translated at the rates of exchange in
effect at the overseas consolidated subsidiary’s balance
sheet date. All revenues and expenses of overseas
consolidated subsidiaries are translated at the average
rates of exchange during the fiscal year. Translationdifferences are included in Foreign currency translation
adjustment and Non-controlling interests under the net
assets on the balance sheets.

(8) Main hedge accounting methods(a) Hedge accounting method
The Company uses mainly deferred hedging. However, forinterest rate swaps, special treatment is applied in casesthat meet the necessary requirements, and for currency
options, allocation treatment is applied in cases that meetthe necessary requirements.
(b) Hedge instruments, hedge objects and hedge policy
The Company carries out interest rate swap transactions to
avoid risk associated with loan interest rate fluctuations.
In addition, the Company carries out commodity
futures transactions to avoid commodity pricefluctuation risk for non-ferrous metals inventories andfor non-ferrous metals future contracts that theCompany concludes with customers. The Company uses
currency options to avoid the risk of foreign exchange
rate volatility regarding monetary accounts
denominated in foreign currencies.
(c) Method of assessing the effectiveness of hedges
Over the period from the beginning of a commodity
future transaction to the point at which the effectivenessis determined, market fluctuations of the hedgedcommodity and the hedged instrument are compared todetermine effectiveness. However, interest rate swap

15

Notes to Consolidated Financial Statements

transactions use special treatment and currency option
transactions use allocation treatment and for thesereasons they are omitted from this effectivenessevaluation.

(9) Goodwill amortization method and period
The equal installment method is used for the amortizationof goodwill over a period of time (less than 20 years) inwhich the investment effect in each subsidiary is realized.
In addition, when the amount is immaterial, the completeamount is amortized in the consolidated fiscal year inwhich it occurs.

(10) Accounting method for consumption tax, etc.
The tax exclusion method is used when accounting for
consumption tax and regional consumption tax.

(Notes to Additional Information)
The COVID-19 pandemic is an event that has widereaching impacts on the economy and corporate
activities. It remains difficult to predict how it will spreadin the future and when the pandemic will end.
Amidst this situation, the Nittetsu Mining Group has
carried out accounting estimates of the recoverability ofdeferred tax assets considering demand trends ofcustomers and commodity prices when preparing theconsolidated financial statements based on theassumption that there will be no major changes in thesituation in the next fiscal year since the impacts of the
COVID-19 pandemic will be limited.

(Notes Concerning Changes in Presentation Method)
Application of ASBJ Accounting Standard on Disclosure of
Accounting Estimates
The Company has applied Accounting Standard on
Disclosure of Accounting Estimates (ASBJ Standard No.
31; March 31, 2020) from the fiscal year under review,which requires the presentation of notes concerning
accounting estimates.

(Notes Concerning Accounting Estimates)
Impairment of Non-Current Assets(1) Amount recorded in the consolidated financial
statements for the fiscal year under review
Impairment loss: ¥912 million
Property, plant and equipment of ¥62,584 million,
intangible assets of ¥3,329 million, and others of ¥4,477
million(2) Information concerning accounting estimates
In applying the accounting standard on impairment of
non-current assets to the Group, in principle, theCompany groups assets according to business site, whichis the unit for ascertaining the profit and loss of eachproduct for managerial accounting purposes. The head
office, branch offices, employee benefit facilities, and the
R&D center, etc., are deemed common assets, while rental
real estate and idle assets are each categorized as one

16

asset group according to each property. In addition,assets of consolidated subsidiaries are mainly grouped
according to company. If signs of impairment arerecognized for an asset or asset group and the total
amount of undiscounted future cash flow obtained fromthe asset of asset group falls below the book value, theCompany will recognize an impairment loss. The bookvalue of the asset or asset group in excess of therecoverable amount is recorded as an impairment loss.
Calculation of the recoverable amount involves making
a reasonable estimate of the future cash flow anddiscount rate for the utility value and the real estateappraisal and estimated disposal costs for net selling
price. Estimates of future cash flow are calculated basedon major assumptions such as sales volume, mineral pricelevels, and operational life.
If there are changes in the assumptions for estimates of
future cash flow, such as decline in transactional volume
with major customers or the falling price of minerals or
operational life below forecasts, the booking of
impairment losses could adversely impact the Group’sbusiness performance in the consolidated financial
statements for the subsequent fiscal year.
Furthermore, Compañía Minera Arqueros S.A. is
preparing to develop the Arqueros copper mine in Chile,and non-current assets of ¥1,670 million have beenrecorded. Preparations for the development of theArqueros copper mine are expected to experience delays
in time line from the initial plan. Nevertheless, theCompany has determined that this will not materiallyaffect the mine development plan and these assets arerecoverable. As a result, the Company has not recorded an
impairment loss for these assets.

5. Notes to the Consolidated Balance Sheets(1) Collateral assets(Millions of yen)Foundation mortgage
Property, plant and equipment
Debt collateralized by the above
Short-term loans payable
Long-term loans payable
Guarantee deposits received

¥ 447
34
134
10

(2) Accumulated depreciation of property, plant andequipment¥167,644 million(3) Guaranteed liabilities(Millions of yen)

Total guarantee
Hibi Kyodo Smelting Co., Ltd.
Iwaki Kyodo Tancal Co., Ltd.
Total

¥ 2,676132
2,808

Consolidated
company debt
¥ 2,67625
2,702

Notes to Consolidated Financial Statements

6 . Segment Information
Millions of yen

2021
Non-Metallic
Minerals

Metallic
Minerals

Machinery &Environmental
Engineering

Real Estate

Renewable
EnergyEliminations
andCorporate¥49,464670
50,134¥ 53,761—
53,761¥ 11,347
786
12,133¥ 2,803
9
2,813¥ 1,782
—
1,782

¥
—
(1,465)(1,465)¥ 119,159—
119,159

5,580

1,769

965

1,630

434

(1,652)

8,726

Eliminations
andCorporate

Total

¥

—
(1,939)(1,939)¥ 117,502—
117,502
7,576

Sales to external customers
Inter-segment sales
Segment Revenue
Segment Profits

Total

Millions of yen

2020
Non-Metallic
Minerals

Metallic
Minerals

Machinery &Environmental
Engineering

Real Estate

Renewable
Energy¥ 54,423
962
55,385¥ 45,804—
45,804¥ 12,520
968
13,489¥ 2,8868
2,894¥ 1,868
—
1,868

6,824

574

1,382

1,609

415

(3,229)Eliminations
andCorporate

Sales to external customers
Inter-segment sales
Segment Revenue
Segment Profits

Thousands of US dollars

2021
Non-Metallic
Minerals

Metallic
Minerals

Machinery &Environmental
Engineering

Real Estate

Renewable
Energy$ 446,793
6,054
452,847$ 485,606—
485,606$ 102,495
7,102
109,598$ 25,32485
25,409$ 16,102—
16,10250,403

15,984

8,723

14,723

3,920

Sales to external customers
Inter-segment sales
Segment Revenue
Segment Profits

Total

$
— $ 1,076,322(13,241)—(13,241)
1,076,322(14,929)78,827

OutlineAs of March 31, 2021

Date of Establishment May 20, 1939

Number of Employees (Consolidated)

Common StockMineral Resources

Authorized

20,000,000 shares

Non-Metallic Minerals

Issued andOutstanding

8,352,319 shares

Metallic Minerals

375(including 33,495 shares of treasury stock)

Machinery & Environmental Engineering

279

Number of Shareholders 3,778
Major Shareholders
Nippon Steel Corporation
Nittetsu Kogyo Shogakukai*
The Master Trust Bank of Japan, Ltd. (trust account)
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Custody Bank of Japan, Ltd. (trust account)
Nittetsu Kogyo Shareholding Association
MUFG Bank, Ltd.
Sumitomo Osaka Cement Co., Ltd.
DFA INTL SMALL CAP VALUE PORTFOLIO

1,163

Real Estate

3

Renewable Energy

11% of total

Corporate (shared)

110

14.88
7.71
6.36
3.54
3.49
2.80
2.00
1.68
1.55
1.51

Total

1,941

Number of Employees (Non-Consolidated)

670

Principal Lenders
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation*Non-profit corporation17

Offices

As of March 31, 2021
Domestic
Yusen Building, 3-2, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-8377, Japan
Tel: +81-3-3284-0516 Fax: +81-3-3215-8480 URL: https://www.nittetsukou.co.jp/eng/

Head Office
General Administration Section

Tel: +81-3-3284-0516

Fax: +81-3-3215-8480

Public & Investor Relations Group

Tel: +81-3-3284-0518

Fax: +81-3-3215-8480

Information System Section

Tel: +81-3-3216-5231

Fax: +81-3-3216-5232

Limestone Sales Section

Tel: +81-3-3216-5261

Fax: +81-3-3284-0037

Limestone Powder
and Aggregate Sales Section

Tel: +81-3-3216-5260

Fax: +81-3-3284-0037

Fine Materials Sales Section

Tel: +81-3-3216-5254

Fax: +81-3-3215-7293

Non-Ferrous Metal & Ore Section

Tel: +81-3-3216-5265

Fax: +81-3-3284-0037

Environmental Sales Section

Tel: +81-3-3216-5320

Fax: +81-3-3216-5262

Machinery Sales Section

Tel: +81-3-3216-5321

Fax: +81-3-3216-5263

Resources Development Section

Tel: +81-3-3216-5281

Fax: +81-3-5962-5180

R&D Department

8-1, Hirai, Hinode-cho, Nishitama-gun, Tokyo 190-0182, Japan
R&D Administration Section
Tel: +81-42-597-7001 Fax: +81-42-597-7013

Overseas
Sydney Office

Level 14, 115 Pitt St., Sydney NSW 2000, Australia
Tel: +61-2-9238-0477

Taiwan OfficeRm. 506, 5F, No. 88, Sec. 2 Zhongxiao E.Rd., Zhongzheng Dist., Taipei City 100, Taiwan
Tel: +886-2-2322-2712 Fax: +886-2-2322-2616

Major Subsidiaries
As of March 31, 2021

Subsidiaries

Capital(Millions of yen)Company
holdings (%)

Nittetsu Mining Consultants Co., Ltd.

100

100.0

Consulting services for geological surveys, geophysical exploration,
test boring and construction

Hokkaido Lime Co., Ltd.

80

100.0

Manufacture and sales of quicklime and hydrated lime

Funao Mining Co., Ltd.

60

100.0

Mining and sales of limestone and manufacturing and sales ofcalcium carbonate

Nittetsukoukenzai Co., Ltd.

50

100.0

Buying and selling of limestone, crushed stone and calcium
carbonate

Kobukuro Techno Co., Ltd.

50

100.0

Manufacture and sales of crushing and grinding equipment andelectric machinery

Hachinohe Mining Co., Ltd.

100

70.0

Mining and sales of limestone

Primary businesses

Note: No subsidiaries fall under the category of specified wholly owned subsidiary.

Subsidiary

Sociedad Contractual Minera
Atacama Kozan

Capital(Thousands of US dollars)Company
holdings (%)

16,75060.0

Primary businesses

Mining and sales of copper and other minerals

Printed in Japan