Sumitomo Metal Mining Experiences Positive Growth Amid Japan Turmoil

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Researched by Industrial Info Resources East Asia (Kofu-shi, Japan)--The metal mining business arm of the Sumitomo Group, Sumitomo Metal Mining Company Limited (TYO:5713) (SMM) (Tokyo), is experiencing positive global growth in the nonferrous metals industry. SMM is involved in the development of nonferrous metal mines both in Japan and overseas, and primarily focuses on copper, nickel, gold and zinc. It owns and operates one mine in Kagoshima prefecture in Japan, and at least seven mines throughout North America, South America and Oceania.

SMM's domestic mine, though located in the Tohoku region, was unaffected by the Great East Japan Earthquake Disaster in March. All of the company's domestic smelters are located in Western Japan and were therefore unaffected as well, allowing SMM to continue supplying key components during upheaval in the nonferrous industry.

SMM recently announced that new quartz veins containing gold, silver and antimony have been confirmed near its Pogo gold mine in Alaska. The new deposits were found through exploration efforts put forth by a Japanese joint venture comprised of SMM, Sumitomo Corporation (TYO:8053) (Tokyo), and Japan Oil, Gas and Metals National Corporation (JOGMEC). These deposits may play a key part in boosting SMM's gold production in the near future.

In Asia, SMM is currently in the midst of two large expansion projects, one in the Philippines and one in Japan. Both projects are related to nickel refining and are part of the company's long-term goal to boost nickel production to 150,000 tons per year. In the Philippines, SMM is constructing a $1.3 billion nickel refinery at its existing Surigao Taganito mine in order to boost exports to the Nihama refinery in Ehime prefecture, Japan. Nihama is adding new refining lines in order to keep pace with nickel imports from the Surigao Taganito mine. Once both projects reach completion in 2013, SMM will have 24,000 additional tons of copper production per year.

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