Reorganization of PPC’s Smelting Sites and Operating Structure
First written in FY2020-Q3. 1 of 3 entries say "Achieved", first in FY2020. Latest entry: FY2024-Q3.
1 other company's latest entry also says "Advanced".
- FY2024-Q3AdvancedAnnual report
「During the consolidated third-quarter accounting period, JX Advanced Metals Corporation signed an agreement with Marubeni Corporation to sell a 20% interest in the shares of Pan Pacific Copper Co., Ltd. (hereinafter, "PPC"), of which it held 67.8% as of 22 December 2023, to strengthen the competitiveness of its base businesses in the metals segment. The share transfer is scheduled to close during March 2024.」
The restructuring of the PPC smelting business progressed from the 2020 change in operating entities to an agreement to sell a 20% interest held by JX Advanced Metals to Marubeni Corporation and a business alliance centered on PPC's copper smelting business. JX Advanced Metals' ownership interest is scheduled to decline from 67.8% to 47.8% after the transfer. - FY2020AchievedAnnual report
「In April 2020, the Saganoseki Smelter and Hitachi Copper Refinery were changed from the joint venture, Pan Pacific Copper Co., Ltd., to a wholly owned subsidiary of JX Advanced Metals Corporation.」
As part of the PPC smelting business restructuring, the Saganoseki Smelter and Hitachi Copper Refinery were transferred to the JX Advanced Metals-side smelting subsidiary in April 2020. - FY2020-Q3First statedAnnual report
「The parties agreed that, effective April 2020, the Saganoseki Smelter and Hitachi Copper Refinery of Pan Pacific Copper Co., Ltd. (hereinafter, "PPC") would be changed from PPC to a smelting subsidiary established and operated by JX Advanced Metals Corporation, while the Hibi Smelter of PPC and the Tamano Smelter of Hibi Kyodo Smelting Co., Ltd. (PPC's 63.51% interest) would be changed from PPC to a smelting subsidiary established and operated by Mitsui Mining & Smelting Co., Ltd.」
The 19 December 2019 basic agreement first presented a restructuring plan under which, around April 2020, the operating entities for PPC's Saganoseki Smelter and Hitachi Copper Refinery, and its Hibi Smelter and Tamano Smelter, would be changed to smelting subsidiaries on the JX Advanced Metals side and Mitsui Mining & Smelting side, respectively.