On May 28, JX Advanced Metals, Mitsubishi Materials (MMC), Mitsui Kinzoku, and Marubeni signed a final agreement to integrate MMC’s copper concentrate procurement and sales of cathode copper, sulfuric acid, and other by-products into Pan Pacific Copper (PPC), while establishing a wholly-owned subsidiary, "PPC Material." The integration will be executed via a company split: PPC first absorbs the target business, then transfers it to the newly established PPC Material on the same day. Originally planned for end-March, the process was delayed by about two months due to detailed discussions.
Post-integration, PPC’s ownership stands at: JX 32.50%, MMC 32.00%, Mitsui Kinzoku 21.90%, and Marubeni 13.60%. PPC becomes an equity-method affiliate of all four companies, with PPC Material as its wholly-owned subsidiary. Currently, PPC subcontracts smelting/refining to JX Metal Smelting and Hibi Smelting; after the deal, MMC will also become a subcontractor. Japan’s copper concentrate procurement windows will shrink from three to two, held by Sumitomo Metal Mining and PPC Material.
The move aims to counter intensifying overseas competition and sharply deteriorated TC/RC through centralized procurement and cost efficiency. The transaction is planned for October 1, 2026, pending regulatory approvals.
