JX Advanced Metals announced it has sold its entire stake in the Quechua copper mining project in Peru to Glencore, through its subsidiary Pan Pacific Copper. The transaction amount was not disclosed. This move is part of the Japanese company’s strategy to shift away from exposure to commodity price volatility and focus on more stable operations.
Exit from an undeveloped project
The Quechua project, acquired by Pan Pacific Copper in 2007 for $40 million, holds an estimated reserve of 260 million tonnes of ore. Although several feasibility studies were conducted, the company never launched the development phase. Priority had been given to the Caserones mine in Chile, which absorbed the group’s resources over more than a decade.
Strategic shift toward electronic materials
Since 2019, JX Advanced Metals has been reshaping its portfolio by reducing its mining exposure to focus on advanced materials production. The company is one of the leading manufacturers of sputtering targets used to deposit metallic films in semiconductor manufacturing. These components are used in industrial applications such as connected vehicles, telecom equipment and consumer electronics.
Pan Pacific Copper repositions its business
JX owns 47.8% of Pan Pacific Copper, Japan’s main supplier of refined copper. The joint venture is also held by Mitsui Mining and Smelting (32.2%) and Marubeni (20%). This withdrawal from the Quechua project reflects a broader intention to focus on higher-value segments, away from upstream mining assets.
