News Release
FY2020
March 31, 2021
JX Nippon Mining & Metals Corporation
JX Nippon Mining & Metals Corporation Subsidiary Ceases Business,
New Subsidiary to be Established
JX Nippon Mining & Metals Corporation (President: Murayama Seiichi; "the Company") has today announced cessation of business by one of its subsidiaries and the establishment of a new subsidiary. Details are set out below
1. Cessation of Business by Subsidiary
The Company has decided that one of its subsidiaries, JX Nippon Tsuruga Recycle Co., Ltd. (President: Kazuhiro Hatano; "Tsuruga Recycle") will cease business with effect from September 30, 2021. Tsuruga Recycle has today notified its labor union of the decision.
In a challenging market environment where margins on smelting and refining continue to trend downward, the JX Nippon Mining & Metals Corporation Group aims to enhance the competitiveness of its Metals & Recycling Business by focusing on recycling business. As part of this shift, Tsuruga Recycle has made efforts including improvement of its raw material recycling productivity, but the capabilities of its facilities are severely limited, and since profitability is unlikely to improve from a cost competitiveness perspective even over the medium to long term, the decision has been made to cease business. The utmost efforts will be made to secure employment for Tsuruga Recycle employees by redeploying them within Group companies including the new subsidiary detailed below or placing them in jobs outside the Group.
Overview of JX Nippon Tsuruga Recycle Co., Ltd. (as of March 1, 2021)
| Company name | JX Nippon Tsuruga Recycle Co., Ltd. |
| Business activities | Recycling of electronic equipment, precious metal scrap, etc. and non-ferrous metals, and intermediate processing (neutralization, crushing, and sorting) of industrial waste |
| Address | 1 Wakaizumi-cho, Tsuruga-shi, Fukui 914-0027, Japan |
| Representative | Kazuhiro Hatano, Representative Director & President |
| Capital | 50,000,000 yen |
| Establishment | November 1, 1995 |
| Stockholder | Wholly owned by JX Nippon Mining & Metals Corporation |
| Employees | 77 |
2. Establishment of New Subsidiary
The Company has decided to establish a new subsidiary with a target launch date of May 2021. The new subsidiary will advance technology development to achieve closed loop recycling whereby minor metals contained in scrapped automotive lithium-ion batteries (LiB) are re-used as raw materials for new automotive LiB. The new subsidiary is scheduled to begin production technology development and demonstration operation in October this year.
Overview of new subsidiary
| Company name | To be decided |
| Business activities | Technology development for closed loop recycling of automotive lithium-ion batteries |
| Address | 1 Wakaizumi-cho, Tsuruga-shi, Fukui 914-0027, Japan |
| Representative | Toshiaki Sato, Representative Director & President |
| Capital | 20,000,000 yen |
| Establishment | Scheduled for May 2021 |
| Stockholder | Wholly owned by JX Nippon Mining & Metals Corporation |