Nippon Mining, Codelco set up firm for bio-mining
Date: 04-Jun-02
Country: JAPAN
Nippon Mining said the firms believed that biotechnology was important for future sustainability and reducing costs in the mining industry.
Biotechnology in mining normally involves using acid-producing bacteria to recover metals.
The new firm, BioSigma S.A., will be capitalised at $3 million and will be set up in Chile in late June.
Nippon Mining will invest $1 million, while Codelco - the world's biggest copper producer - will contribute the rest.
The new firm would aim to develop biotechnology for mining of low-grade copper ore and use bio-tech methods to improve recycling of such items as electronic parts, Nippon Mining said.
The global rights for marketing of the technology would be owned by the joint venture.
Nippon Mining produced 621,000 tonnes of refined copper in 2000, counting production in Japan and its share in joint venture companies including LG Nikko-Copper Inc in South Korea.
Nippon Mining also has equity interests in mines in Chile, Australia and Japan.
Codelco produces 1.6 million tonnes of copper a year.
Shares in Nippon Mining closed up 2.82 percent yesterday at 546 yen. The Nikkei average was up 1.17 percent.
