TABLE 9
JAPAN:  MAJOR OVERSEAS DEVELOPMENT PROJECTS OF NONFERROUS METALS MINES IN THE 1990s, AN UPDATE IN 2003
		Australia
		McArthur River, Northern				Canada, British Columbia
		Territory		Northparkes, New South Wales		Mount Polley1		Huckleberry
Nature of project involvement		Investment in exploration		Investment in exploration		Equity participation		Equity participation and
		and development		and development				provided loan.
Participating Japanese		Nippon Mining and Metals		Sumitomo Metal Mining		Sumitomo Corp., 0%2		Mitsubishi Materials Corp.,
companies and their		Co. Ltd., 15%; Mitsui and		Oceania Pty., 13.3%; and SC				31.25%; Dowa Mining Co.
equity share		Co. Ltd., 5%; Mitsubishi		Mineral Resources Ltd.				Ltd., 6.25%; Furukawa Co.
		Materials Corp., 5%; and		of Australia, 6.7%				Ltd., 6.25%; and Marubeni
		Marubeni Corp., 5%						Corp., 6.25%.
Majority equity holder and/or		Mount Isa Mines Ltd. of		North Broken Hill Peko Ltd.		Imperial Metals Corp. of		Princeton Mining Corp. of
other equity holder		Australia, 70%		of Australia, 80%		Canada, 100%2		Canada, 50%.
Mineral commodity involved		Lead, silver, and zinc		Copper and gold		Copper and gold		Copper.
Estimated reserves and		40 million metric tons,		63.7 million metric tons,		81.5 million metric tons,		56.5 million metric tons,
ore grade		5.5% lead, 12.6% zinc, 55		1.108% copper, 0.487		0.3% copper, 0.42 gram		0.494% copper, 0.014%
		grams per metric ton silver		gram per metric ton gold		per metric ton gold		molybdenum.
Type of mine		Underground		Open pit and underground		Open pit		Open pit.
Total cost of the project		$246 million (Australian)		$303 million (Australian)		$123 million (Canadian)		$136 million (Canadian).
Japanese share		$22 million (Australian)		$75.6 million (Australian)		$109 million (Canadian)		$78 million (Canadian).
Annual production capacity		1,270,000 metric tons of		3,934,000 metric tons of		6,500,000 metric tons of		7,145,600 metric tons of
		crude ore containing		crude ore containing 1.73%		crude ore		crude ore contining
		6.1% lead, 15.4% zinc		copper plus 0.88 gram per				0.502% copper, 0.013%
				ton gold				molybdenum.
Annual shipment to Japan		3,284 metric tons of lead		27,985 metric tons of copper		15,000 metric tons of		28,277 metric tons of copper
		and 17,999 metric tons of		in concentrate		copper in concentrate		in concentrate.
		zinc in mixed concentrate				plus gold value
Construction started		August 1993		May 1993		September 1996		1996.
Production started or planned		September 1995		October 1995		June 1997		October 1997.
		Chile
				Region III
		Collahuasi, Region I		La Candelaria, Region III		El Bronce (Atacama Kozan)		Los Pelembres, Region IV
Nature of project involvement		Equity participation and		Investment in exploration		Investment in exploration		Equity participation.
		provided loan		and development		and development
Participating Japanese		Mitsui and Co. Ltd., 6.9%;		Sumitomo Metal Mining		Nittetsu Mining Co.		Nippon Mining and Metals
companies and their		Mitsui Mining and		Arizona Inc., 15%;		Ltd., 60%		Co. Ltd., 15%; Mitsubishi
equity share		Smelting Co. Ltd., 1.5%;		and Sumitomo Corp., 5%				Materials Corp., 10%;
		and Nippon Mining and						Marubeni Corp., 8.75%;
		Metals Co., Ltd., 3.6%						Mitsubishi Corp., 5%; and
								Mitsui and Co. Ltd., 1.25%.
Major equity holder and/or		Falconbridge Ltd. of Canada,		Phelps Dodge Corp. of the		Inversiones Errazuriz Ltds		Antofagasta plc of the United
other equity holder		44%, and Anglo		United States, 80%		of Chile, 40%		Kingdom, 55.55%, and
		American plc of the						Anaconda Chile S.A. of
		United Kingdom, 44%						Chile, 9.45%.
Mineral commodity involved		Copper		Copper and gold		Copper		Copper.
Estimated reserves and		1,867.7 million metric tons,		366 million metric tons,		20 million metric tons,		1,139.7 million metric tons,
ore grade		0.93% copper		0.84% copper, 0.205		1.5% copper, 0.26 gram		0.74% copper.
				gram per metric ton gold		per metric ton gold
Type of mine		Open pit		Open pit		Underground		Open pit.
Total cost of the project		$1,760 million		$592 million		$110 million		$1,355 million.
Japanese share		$174 million		$296 million		$110 million		$835 million.
Annual production capacity		25,600,000 metric tons of		10,000,000 metric tons of		1,650,000 metric tons of		34,000,000 metric tons of
		crude ore		crude ore		crude ore		crude ore.
Annual shipment to Japan		94,591 metric tons of		90,801 metric tons of		15,000 metric tons of		167,282 metric tons of
		copper in concentrate		copper in concentrate		copper in concentrate		copper in concentrate.
Construction started		1996		April 1993		April 2001		November 1997.
Production started or planned		January 1999		March 1995		January 2003		April 2000.
See footnotes at end of table.
TABLE 9--Continued
JAPAN:  MAJOR OVERSEAS DEVELOPMENT PROJECTS OF NONFERROUS METALS MINES IN THE 1990s, AN UPDATE IN 2003
		Indonesia, Batu Hijau,		Mexico
		Sumbawa Island		Tizapa, Mexico City		Rey de Plata, Guerrero		Peru, Antamina, Ancash
Nature of project involvement		Equity participation		Investment in exploration		Investment in exploration		Investment in exploration
				and development		and development		and development.
Participating Japanese		Sumitomo Corp., 26%;		Dowa Mining Co. Ltd., 39%;		Dowa Mining Co. Ltd.,		Mitsubishi Corp., 10%.
companies and their		Sumitomo Metal Mining Co.		and Sumitomo Corp., 10%		39%, and Sumitomo
equity share		Ltd., 5.0%; Mitsubishi				Corp., 10%
		Materials Corp., 2.5%; and
		Furukawa Co. Ltd., 1.5%
Majority equity holder and/or		Newmont Gold Co. of the		Industrias Penoles SA de		Industrias Penoles SA de		Noranda Inc. of Canada and
other equity holder		United States, 45%, and		C.V. of Mexico, 51%		C.V. of Mexico, 51%		Billiton plc of the United
		P.T. Pukuafu Indah of						Kingdom, 33.75% each;
		Indonesia, 20%						and Teck Cominco Ltd.
								of Canada, 22.5%.
Mineral commodity involved		Copper and gold		Copper, lead, and zinc		Copper, lead, and zinc		Copper and zinc.
Estimated reserves and ore		907.3 million metric tons,		2.5 million metric tons,		2.9 million metric tons,		559 million metric tons,
grade		0.44% copper, 0.377 gram		0.61% copper, 1.36%		0.68% copper, 2.56%		1.23% copper, 1.03% zinc,
		per metric ton ton gold		lead, 6.56% zinc plus gold		lead, 8.78% zinc plus		and 0.03% molybdenum.
				and silver		gold and silver
Type of mine		Open pit		Underground		Underground		Open pit.
Total cost of the project		$1,925 million		$38.2 million		$45.4 million		$2,296 million.
Japanese share		$513 million		$35.1 million		$41.3 million		$404 million.
Annual production capacity		43,870,000 metric tons of		480,000 metric tons of crude		330,000 metric tons of		25,600,000 metric tons of
		crude ore containing 0.75%		ore		crude ore		crude ore.
		copper and 0.44 grams per
		metric ton gold
Annual shipment to Japan		101,492 metric tons of		22,151 metric tons of		21,985 metric tons of		10,579 metric tons of
		copper in concentrate		zinc in concentrate		zinc in concentrate		copper in concentrate.
Construction started		September 1996		May 1992		January 1998		1998.
Production started or planned		October 1999		November 1994		October 2000		June 2001.
1Mining operations at Mount Polley were suspended in September 2001 owing to continued low copper and gold prices.
2SC Minerals Canada Ltd. (a wholly owned subsidiary of Sumitomo Corp.) sold its 47.5% interest in Mount Polley Copper Project to Imperial Metals Corp.
of Canada for $4.5 million by the end of 2000.
Sources:  Research Institute of Economy, Trade and Industry (Chosakai), Mining Handbook (Kogyo Benran), 2002, p. 210-217; Japan Mining Industry Association,
Kozan, v. 56, no. 7, 2003, p. 10-15; Japan Oil, Gas and Metals National Corp., Atakama Kozan Project in Chile, August 2004.