Deals
Sumitomo Metal Puts Gold Top of List After Freeport Mine Buy
- President Nakazato wants to double production to 30 tons
- Bernstein estimates Japan Inc. has $3 trillion cash pile
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Sumitomo Metal Mining Co., the Japanese metals producer that agreed to spend $1 billion this week to expand its portfolio of copper assets, is still in shopping mode. The next target on its list: gold.
The company, which owns Japan’s sole gold mine, is seeking to secure more stakes in gold assets and wants to double output by 2021, according to President Yoshiaki Nakazato. It intends to buy new or existing mines, as well as undertake exploration, Nakazato said this week after announcing the plan to expand its holding in Freeport-McMoran Inc.’s Morenci copper mine.