Japan’s Nittetsu Joins Canadian Firm to Develop Chilean Copper Mine, Eyes Increased Output by 2033

Nittetsu

Japanese metal producer Nittetsu Mining has entered into a 50:50 joint venture with Vancouver-based Camino Minerals to advance copper production through the Puquios Copper Project in Chile's Coquimbo region, Nittetsu announced on October 8. This initiative aligns with Nittetsu’s mid-term goal of producing 50,000 tonnes of copper annually by 2033, a strategic objective in Japan's effort to bolster base metal self-sufficiency amid rising global demand for copper.

Investment and Production Outlook Remain Under Wraps

Although specific investment figures and expected production volumes of crude ore and copper concentrate have yet to be disclosed, the Puquios project is estimated to yield about 15,000 tonnes of copper equivalent annually. Commercial operations are projected to begin after environmental approvals, a process that could take several years. Nittetsu Mining's general manager, Shinichiro Mita, emphasized that this partnership leverages the company's technical prowess and longstanding expertise in copper production, underscoring Nittetsu's commitment to expanding its role in the global copper market.

The Puquios development is Nittetsu’s latest move in Chile. The firm has also been working on the Arqueros copper project, backed by the Japan Bank for International Cooperation (Jbic). Production at Arqueros is anticipated to reach 15,000 tonnes per year between April 2026 and March 2027, mirroring Puquios’ forecasted output.

Government’s Strategic Drive for Self-Sufficiency

Japan’s government has been actively encouraging domestic firms to secure copper sources abroad to address its base metal deficit. The country’s energy strategy, updated in 2021, targets a base metal self-sufficiency rate of 80 percent by 2030, up from 50 percent in 2018. Despite these ambitions, Japan’s Ministry of Economy, Trade, and Industry (Meti) recently acknowledged that the target is not on track, though it withheld details on current self-sufficiency rates.

Nittetsu expects copper prices to hold a bullish trend in the long term due to sustained demand for the metal, particularly for decarbonization and electrification initiatives. However, the company has cautioned that short-term copper price volatility may increase due to fluctuating global market conditions.