October 11, 2013
News Release
JX Nippon Mining & Metals Corporation
Mitsui Mining & Smelting Co., Ltd.
Pan Pacific Copper Co., Ltd.
Mitsui & Co., Ltd.
Update on Caserones Copper and Molybdenum Deposit
Development Project in Chile

Pan Pacific Copper Co., Ltd. (head office: Otemachi 2-chome, Chiyoda-ku, Tokyo; president:
Yoshimasa Adachi), an integrated copper enterprise jointly established by JX Nippon Mining &Metals Corporation (head office: Otemachi 2-chome, Chiyoda-ku, Tokyo; president: YoshimasaAdachi) and Mitsui Mining & Smelting Co., Ltd. (head office: Osaki 1-chome, Shinagawa-ku,
Tokyo; president: Sadao Senda), and Mitsui & Co., Ltd. (head office: 2-1, Ohtemachi 1-chome,Chiyoda-ku, Tokyo; president and CEO: Masami Iijima) announce the latest status of the Caserones
Copper and Molybdenum Deposit Development Project in Chile (hereinafter “the Project”) as
follows.
The Project is currently in the final construction stage and efforts are being made toward the earlycompletion of the construction and start of copper concentrates production.
1. Future Prospects(1) Commencement of copper concentrates production: January 2014(2) Initial capital expenditure to the commencement of copper concentrate production:
Approximately US$4.2 billion ** Future funding shall be provided to SCM Minera Lumina Copper Chile (head office: Santiago,Chile), the project company, through the investment and loans from its shareholders. The
respective shareholder’s contribution amount of the future funding and ratio of investments toloans are to be decided among the shareholders.

2. Background for the above Prospects
Impacts on construction due to the following factors, as well as measures taken to avoid
further construction delays- Difficulty due to worse bedrock conditions than anticipated.
- Shortage of construction workers and rising labor costs due to the development andexpansion of large mining projects concurrently running in Chile.
- Effects of development interruption due to the labor strike for better working conditions

and bad weather.

3. Others(1) As for the construction necessary for the start of copper concentrates production, the main
civil engineering and building construction works have been completed, mainly leaving
equipment installation.
(2) Production of refined copper by means of solvent extraction and electrowinning (SX-EW)
was already started on March 14, and the operation is proceeding basically on schedule.
Attachment:
An outline of the Caserones Copper and Molybdenum Deposit Development Project in Chile

（Attachment）

An outline of the Caserones Copper and Molybdenum Deposit Development Project inChile

A. Construction start: 2010
B. Commencement of Production:
・Refined copper by hydrometallurgical SX-EW process: March 2013
・Copper and molybdenum concentrates: January 2014
C. Expected mine life: 28 years
D. Flow of production to shipment:

Open-pit mining≪Production of copper and molybdenum concentrates≫
Crushing and grinding ⇒ flotation, dewatering, draining⇒ Cu and Mo concentrates ⇒ shipping≪ Production of refined copper by SX-EW process ≫Dump-leaching ⇒ SX-EW ⇒copper cathode⇒shipping

Notes 1: (1)Dump-leaching means a process to extract (leach) copper by sprinklingsulfuric acid over a pile of uncrushed copper ore.
(2)SX-EW process means a solvent extractive electrolytic copper winning
process. Copper ion is selectively recovered from the leaching solution, andcopper metal is produced by electrolysis from the copper sulfate solution.
Approximately 20% of the copper from the mines in the world is producedby this process.

E. Estimated volume of ore to be mined
Ore

Volume(milliontons)
1,050

GradeCopper % Molybdenum
(ppm)
0.34
126

Primary and secondary copper sulfide(For production of copper andmolybdenum concentrates)
300
0.25
－
Copper oxide and secondary copper
sulfide ore(For production of refined copper by
SX/EW process)Notes 2: ・Primary copper sulfide：sulfides which formulated during the metallogenetic
epoch. Chalcopyrite etc.

・Secondary copper sulfide：sulfides made of the primary copper sulfide which
reacted with sulfuric acid. Chalcocite etc.
・Copper oxide：primary copper sulfide which oxidized by rain or weathering.
Chalcanthite，malachite ore etc.
F. Daily output of ore: approximately 103,000 tons
G. Estimated annual production volume:(Average during the initial phase of 10 years)
Copper:Copper content in copper concentrate: approx. 150,000 tons
Refined copper produced by SX-EW process: approx. 30,000 tons
Total: approx. 180,000 tons
Molybdenum: approx. 3,000 tons
(Average 28 years)
Copper:Copper content in copper concentrate: approx. 110,000 tons
Refined copper produced by SX-EW process: approx. 10,000 tons
Total: approx. 120,000 tons
(Total production for mine life: approx. 3,547,000 tons)
Molybdenum: approx. 3,000 tons
(Total production for mine life: approx 87,000 tons)
H. Estimated initial investment: approx. US$ 4.2 billion

I. Location of the Caserones copper and molybdenum deposit
162 kilometers southeast of Copiapó, the capital of the III Atacama Region ofChile, and 15 kilometers from the border with Argentina.
The deposit lies at altitudes between 4,200m to 4,600m above sea level.

Caserones Copper and Molybdenum Deposit
Development ProjectAn Update on Progress of the Caserones Copper and Molybdenum Deposit Development Project in Chile

Facilities whole view: SX-EW plant, track shop, concentrator

RefineryRefined cooper

Ball millThickeners

Flotation plant

Crushing plant