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Sumitomo Metal Mining Co Ltd (5713.T)

5713.T on Tokyo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Sumitomo Metal considering smaller investment for Sierra Gorda phase 2 -exec
Tuesday, 7 Feb 2017 01:10am EST 

Sumitomo Metal Mining Co Ltd <5713.T>: Sumitomo Metal Mining executive says considering Sierra Gorda's phase 2 expansion plan with smaller-than-planned investment Further company coverage: [nL4N1FS1ZT] (Reporting By Yuka Obayashi) ((Yuka.Obayashi@thomsonreuters.com;)).  Full Article

Sumitomo Metal Mining says cancellation of business integration with Hitachi Metals
Friday, 30 Sep 2016 03:30am EDT 

Sumitomo Metal Mining Co Ltd <5713.T>:Says it reached agreement with Hitachi Metals Ltd <5486.T>, to cancel business integration regarding lead frame business and wrought copper business.  Full Article

Poland's KGHM CEO expects copper prices to rebound next year
Tuesday, 6 Sep 2016 07:30am EDT 

KGHM : The chief executive officer at Poland's copper producer KGHM said on Tuesday he would expect copper prices to rebound next year. . "This year will be difficult on the copper market but we expect a rebound in 2017. There is a chance that the price will exceed $5,000 per tonne," Krzysztof Skora told reporters on the sidelines of the Economic Forum in Krynica, Poland. . Three-month copper on the London Metal Exchange was up 0.4 percent at $4,644 a tonne at 0950 GMT. [nL3N1BI2WM] Further company coverage: [KGH.WA] (Reporting by Wojciech Zurawski, Writing Agnieszka Barteczko; Editing by Mark Potter) ((agnieszka.barteczko@thomsonreuters.com;)).  Full Article

Sumitomo Metal Mining to sell entire 3.5 pct stake in PT Newmont Nusa Tenggara to PT Amman Mineral
Thursday, 30 Jun 2016 10:29pm EDT 

Sumitomo Metal Mining Co Ltd <5713.T>: Says the co entered into agreement to sell its owned entire 3.5 percent stake in PT Newmont Nusa Tenggara to PT Amman Mineral .Says transaction price is not disclosed.  Full Article

Sumitomo Metal Mining announces sale of Vale Nouvelle Calédonie S.A.S shares
Friday, 1 Apr 2016 12:00am EDT 

Sumitomo Metal Mining Co Ltd:Says has agreed to transfer all of its shares (7.6 pct) in Vale Nouvelle Calédonie S.A.S that it holds through SUMIC Nickel Netherlands B.V. (SUMIC) to Vale Canada Limited, and concluded a share purchase agreement as such on March 29.Says SUMIC sold all of its shares in Vale Nouvelle Calédonie to Vale Canada and the amount received by the company for the sale of these shares is approximately 8 billion yen.  Full Article

Sumitomo Metal Mining updates appeal to Court of Appeals of Solomon Islands regarding Solomon International Tender Case
Monday, 21 Mar 2016 10:00pm EDT 

Sumitomo Metal Mining Co Ltd:Subsidiary SMM Solomon Limited receives judgment from High Court of Solomon Islands on March 21, regarding the appeal filed by subsidiary against Solomon Islands Government and Axiom KB on decision made by High Court of Solomon Islands, on Oct. 24, 2014.According to the judgment, mineral exploration right which was granted by Axiom KB was canceled, while the request of revocation of the right acquired from the international bidding was considered null and void.  Full Article

Sumitomo Metal Mining Co Ltd - Chile environmental regulator presses charges against Sierra Gorda mine - Reuters News
Tuesday, 8 Mar 2016 04:09pm EST 

Sumitomo Metal Mining Co Ltd:Chile's environmental regulator pressed charges against Sierra Gorda, jointly owned by Poland's KGHM Polska Miedz and Japan's Sumitomo Metal Mining, saying the copper mine could be fined up to $29 million and have its license revoked - RTRS.The SMA regulator said on Tuesday that Sierra Gorda committed seven "serious" and two "mild" environmental infractions.Those infractions include not implementing measures to control emissions, altering the natural habitat for native wildlife, and operating a tailings dam in an unauthorized manner.Sierra Gorda has 10 days to present a compliance plan to the SMA or 15 days to present a legal defense.Sierra Gorda said it is analyzing the document to prepare actions to address the charges."It is fundamental for the company to respond to each of the concerns of the superintendency and ensure a safe, respectful and responsible operation for the environment and communities," Sierra Gorda said in an emailed statement.The head of the SMA has said that mining companies and others investing in Chile can expect increased scrutiny and sanctions if they break environmental rules, as the regulator is being allocated more resources and more inspectors.  Full Article

Sumitomo Metal Mining to buy additional 13 pct interest in Morenci Copper Mine
Monday, 15 Feb 2016 01:00am EST 

Sumitomo Metal Mining Co Ltd:To buy additional 13 pct interest in Morenci Copper Mine (Arizona, USA), operated by the leading American copper producer Freeport-McMoRan Inc.Says currently owns a 12 pct interest in the mine.  Full Article

Sumitomo Metal Mining lowers consolidated full-year outlook for FY 2016
Thursday, 4 Feb 2016 11:30pm EST 

Sumitomo Metal Mining Co Ltd:Says the company lowered the consolidated full-year outlook for revenue to 855,000 mln yen from 865,000 mln yen for the fiscal year ending March 31, 2016.Sees a decrease of operating profit forecast to 62,000 mln yen from 74,000 mln yen.Sees a decrease of ordinary profit forecast to a loss of 4,000 mln yen from 85,000 mln yen.Sees a decrease of net profit forecast to 5,000 mln yen from 68,000 mln yen.Sees a decrease of earnings per share to 9.06 yen from 123.26 yen.Comments the sluggish in core business and impairment loss recorded are the main reasons for the forecast.  Full Article

Sumitomo Metal Mining Co Ltd - Chile's Sierra Gorda mine laying off 100 workers as copper prices slide - Reuters
Thursday, 12 Nov 2015 03:44pm EST 

Sumitomo Metal Mining Co Ltd:Chile's Sierra Gorda mine, which is jointly owned by Poland's KGHM Polska Miedz and Japan's Sumitomo Metal Mining, said on Thursday it was laying off over 100 employees to cut costs amid a steep slide in copper prices - RTRS."Under the current market conditions we are forced to take these and other actions to be very responsible in relation to our future growth," said Sierra Gorda's general manager Maciej Sciazko - RTRS.The company said the layoffs, equivalent to 8 percent of its headcount in Chile, will take place in Santiago, Antofagasta and at the mine - RTRS.Sierra Gorda, which is 55 percent owned by KGHM, is seen producing 100,000 tonnes of copper this year - RTRS.  Full Article

More From Around the Web

UPDATE 1-Strike at Peru's top copper mine in 4th day, output at 50 pct -union

LIMA, March 13 A strike at Peru's biggest copper mine, Freeport-McMoRan Inc's Cerro Verde, stretched into its fourth day after a meeting between the union and management failed to resolve a dispute over labor demands, a union official said on Monday.