February 12, 2020
News Release
JX Nippon Mining & Metals Corporation
Mitsui Mining & Smelting Co., Ltd.
Pan Pacific Copper Co., Ltd.
New Subsidiaries Created in Revising the Joint Structure for Copper Operations
JX Nippon Mining & Metals Corporation (Head Office: Otemachi 1-chome,Chiyoda-ku, Tokyo; President: Seiichi Murayama; “JX Metals”), Mitsui Mining &Smelting Co., Ltd. (Head Office: Osaki 1-chome, Shinagawa-ku, Tokyo; President:Keiji Nishida; “Mitsui Kinzoku”), and Pan Pacific Copper Co., Ltd. (Head Office:Otemachi 1-chome, Chiyoda-ku, Tokyo; President: Akira Miura; “PPC”) announce theestablishment of the following subsidiaries, based on the Basic Agreement of December
19, 2019 regarding revision of their joint structure for copper operations (“the BasicAgreement”).
The companies further announce that, as a result of deliberation among the threecompanies in accordance with the Basic Agreement concerning the resources businessof PPC, the Caserones Copper Mine-related business in the Republic of Chile is to betransferred to a venture company mentioned below (“New resources company”) directly
funded by JX Metals and Mitsui Kinzoku. In addition, other resources projects, mainlyfor mineral exploration, are expected to be transferred to JX Metals or sold by PPC.
●Smelting and refining subsidiaries
1. JX Metals Smelting Co., Ltd. See the attachment for an overview.
2. Hibi Smelting Co., Ltd. See the attachment for an overview.
●New resources company
3. Nippon Caserones Resources Co., Ltd. See the attachment for an overview.
[Appendix: Overviews of Affiliated Companies and Organization Structure]
Inquiries:
JX Nippon Mining & Metals Corporation
Public Relations Office, Planning & Coordination Department

Tel: +81-3-6257-7405◆ Mitsui Mining & Smelting Co., Ltd.
Corporate Planning & Control Sector, Investor Relations and Corporate
Communications Dept.
Tel: +81-3-5437-8028 Email: PR@mitsui-kinzoku.com◆ Pan Pacific Copper Co., Ltd.
Corporate Support Department
Tel: +81-3-6257-6949

Appendix 1
Overviews of Affiliated Companies (Each of the following companies is expected
to transition to the organizational structure outlined below on April 1, premised on
obtaining of approvals from the relevant authorities.)
1. JX Metals Smelting Co., Ltd.
(1) Head Office1-2, Otemachi 1-chome, Chiyoda-ku, Tokyo, Japan(2) Capital

100,001,000 yen(3) Equity ownership

Wholly owned by JX Nippon Mining & Metals

Corporation(4) Main business operations
Smelting and refining of electrolytic copper, etc. as consignee
2. Hibi Smelting Co., Ltd.
(1) Head Office11-1, Osaki 1-chome, Shinagawa-ku, Tokyo, Japan(2) Capital

100,001,000 yen(3) Equity ownership

Wholly owned by Mitsui Mining & Smelting Co., Ltd.

(4) Main business operations
Smelting and refining of electrolytic copper, etc. as consignee and consignor
3. Nippon Caserones Resources Co., Ltd.
(1) Head Office1-2, Otemachi 1-chome, Chiyoda-ku, Tokyo, Japan(2) Capital

1,000,000,000 yen(3)Equity ownership

JX Nippon Mining & Metals Corporation 67.8%, Mitsui

Mining & Smelting Co., Ltd. 32.2%(4) Main business operations
Caserones Copper and Molybdenum Mine-related businessAppendix 2【Organization Structure April 1 , 2020 Onward】
Copper Mines etc.

Raw Materials（Conc. & Secondary)

CapitalInvestment

JX Nippon Mining &Metals Corporation

CapitalInvestment

Pan Pacific CopperCo.,LtdSmelting & Refining ・Smelting & Refining Toll

JX Metals Smelting Co.,LtdToll Contract

Saganoseki
Smelter & Refinery

Contract
・Raw Materials Procurement
・Products Marketing etc

Hitachi Refinery

CapitalInvestment

Mitsui Mining &Smelting Co.,Ltd

Smelting & Refining
Toll Contract

CapitalInvestment

Smelting & Refining
Toll Contract

ServiceSupply

Hibi Kyodo Smelting Co.,Ltd

Products
MarketingCustomers

CapitalInvestment
Hibi Smelting Co.,Ltd

Tamano Smelter

Unchanged

Smelting & Refining

CapitalInvestment

Toll Contract

Nittetsu Mining Co.,Ltd
Furukawa Metels &Resources Co.Ltd
Nippon Caserones Resources
Co.,Ltd
Caserones Mine Business

CapitalInvestment（※） Share Holding Ratio

CapitalInvestment

Pan Pacific Copper Co.,Ltd： JX Nippon Mining & Metals Corporation67.8%・ Mitsui Mining & Smelting Co.,Ltd32.2%
Hibi Kyodo Smelting Co.,Ltd： Hibi Smelting Co.,Ltd63.51%・ Nittetsu Mining Co.,Ltd20.28% ・ Furukawa Metels & Resources Co.Ltd16.21%
JX Metals Smelting Co.,Ltd： JX Nippon Mining & Metals Corporation100%
Hibi Smelting Co.,Ltd： Mitsui Mining & Smelting Co.,Ltd100%
Nippon Caserones Resources Co.,Ltd： JX Nippon Mining & Metals Corporation67.8%・ Mitsui Mining & Smelting Co.,Ltd32.2%【Present Organization】
Copper Mines etc.

Raw Materials（Conc. & Secondary)

JX Nippon Mining &Metals Corporation

CapitalInvestment

Pan Pacific CopperCo.,Ltd

CapitalInvestment

Mitsui Mining &Smelting Co.,Ltd

CapitalInvestment

Smelting &Saganoseki
Smelter & Refinery
Hitachi Refinery・ Smelting & Refining Busiiness・ Raw Materials Procurement
・ Products Marketing・ Resource Development Business
etc

Hibi Smelter

Hibi Kyodo Sm elting Co.,LtdService
SupplyProducts
MarketingCustomers

Refining
Toll Contract

Tamano Smelter
CapitalInvestment

Smelting & Refining
Toll Contract

Nittetsu Mining Co.,Ltd
Furukawa Metels &Resources Co.Ltd（※）Share Holding Ratio
Pan Pacific Copper Co.,Ltd： JX Nippon Mining & Metals Corporation67.8%・ Mitsui Mining & Smelting Co.,Ltd32.2%
Hibi Kyodo Smelting Co.,Ltd： Pan Pacific Copper Co.,Ltd63.51%・ Nittetsu Mining Co.,Ltd20.28%・ Furukawa Metels & Resources Co.Ltd16.21%