JX Advanced Metals to reduce copper production and boost recycling

JX Advanced Metals Corp. plans to reduce its refined copper production by tens of thousands of tons, according to a company spokesperson, who did not specify exact numbers. The reason for the decline is a shortage of raw materials.

The firm owns 48% of Pan Pacific Copper Co., Japan's largest copper producer, which has a total annual processing capacity of 650,000 tons.

In addition to reducing copper output, JX is expanding its recycling business, which includes extracting and selling niche metals from electronic devices.

Recently, copper smelters around the world have been facing an ore shortage. This has led to a significant drop in concentrate processing fees. Negotiations on tariffs for the next six months are currently underway. Due to the limited supply of raw materials, global miners are at an advantage.

Thus, JX's cuts align with expectations, Benchmark Minerals Intelligence Ltd. analysts say. They believe that other smelters will likely follow suit.