JX Advanced Metals subsidiary sells all issued shares of CMQ to Glencore Peru

Core Viewpoint - JX Advanced Metals' subsidiary Pan Pacific Copper has sold its entire stake in Compañía Minera Quechua to Glencore Peru Holding, allowing Glencore to take over the Quechua copper project and enabling JX to reallocate resources to align with its long-term strategy [1][3][5]. Group 1: Transaction Details - JX Advanced Metals holds a 47.8% ownership stake in Pan Pacific Copper, which has sold all issued shares of Compañía Minera Quechua to Glencore Peru Holding [1]. - Following the sale, Glencore will control all mining interests in the Quechua copper project, which PPC has evaluated since acquiring interests in 2007 [1][2]. - PPC deferred development of the Quechua project to prioritize the Caserones copper and molybdenum project and due to challenges in independent development [2]. Group 2: Strategic Implications - The sale allows JX Advanced Metals and its equity partners to reallocate resources to initiatives that align with their individual policies [3]. - JX Advanced Metals is rapidly expanding its Focus Businesses in the advanced materials sector while optimizing its Base Businesses in mineral resources, metals, and recycling [3][4]. - The company aims to strengthen supply chains for copper and minor metals and curb volatility through portfolio restructuring in its Mineral Resources segment [4][5]. Group 3: Production Adjustments - In September, it was reported that JX Advanced Metals plans to reduce its copper production by several tens of thousands of tonnes in fiscal year 2025 compared to previous projections [6].