Japan’s Marubeni eyes Atlas Mining

Japanese trading firm Marubeni Corp. is interested to acquire Atlas Consolidated Mining and Development Corp.

This was announced recently by Marubeni Philippines Corp. president Ryukichi Kawaguchi who said that Marubeni is interested in investing in copper mining projects in the Philippines.

He pointed out that the Philippines has the world’s fifth largest copper resources. Atlas was formerly one of the world’s bigger copper producers.

"Marubeni is looking at several Filipino copper mining firms," Kawaguchi said.

Atlas’ operation has been drastically reduced following the sharp fall in copper prices in the world market. Copper was widely used in the past for electronic transmission, but has since been replaced by fiber-optic cables.

Kawaguchi said that Marubeni is eyeing China as a potential market for copper concentrates.

Marubeni previously had investments in the copper smelting firm, Philippine Associated Smelting and Refining Corp. (PASAR).

It also had a stake in several local mining firms such as Maricalum Mining Corp., Marinduque Mining Corp., and Philippine Nickel Co.