Visions - Winter/Spring 2010 - 9
Mineral Resources and Energy
Metal Mining Interests Produce Gold, Silver, Copper and Revenue
Mineral Resources & Energy Group Continues Tradition of Excellence
H
istory tells us that Sumitomo Corporation’s original ties to mineral production lead all the way back to its original copper business in Japan. In fact, the Nanban-buki (or “western refining” method of copper smelting) established the technological basis for Sumitomo’s reputation as “the King of Copper” at the dawn of the 17th century. This tradition of excellence continues today in the mining businesses of Sumitomo Corporation of America’s Mineral Resources & Energy Group. The group’s mining interests came after establishing SCOA’s investment in SC Minerals America Inc (SCMA). SCMA was originally incorporated in 1997 as a holding company which owns interests in several mines.The company was a wholly-owned subsidiary of Sumitomo Corporation until SCOA established the Mineral Resources and Energy Group in April 2005; SCOA then invested in SC Minerals Inc. to create a major profit base for the group. Currently, SCOA is involved in mining operations such as the Morenci copper mine in Arizona, the Pogo gold mine in Alaska, and two copper mines in Chile, while Sumitomo Corporation Mexico (SCMX) works with the Penoles silver mine in Mexico.The mining business in general can expect to benefit since gold prices are up 50% over last year and the
primary price of silver gaining as well.Also, copper prices hit 16-month highs in January of this year after new data on factory orders indicated economic improvement in the market and raised prospects for the demand of industrial metals in general. The Pogo gold mine in eastern Alaska, which began commercial production in 2006, produced nearly 380,000 ounces of gold last year.The mine is located in the Goodpaster River Valley, just 85 miles southeast of Fairbanks, and geologists are exploring the surrounding area to see if other gold deposits may exist. SCMA and Sumitomo Metal Mining hold exploration rights in the area for this very purpose. Knowing that there has been very little hardrock mineral exploration in the surrounding area makes future discoveries of mineral deposits a distinct possibility. In 1986, Sumitomo Metal Mining and Sumitomo Corporation established Sumitomo Metal Mining Arizona (SMMA) to acquire 15% of the Morenci Copper mine from Phelps Dodge & Company.This mine serves as North America’s largest producer of copper and one of the largest open pit mines in the world. Located 10 miles south of Silver City,Arizona, the mine was originally established in 1872 and has been owned by Phelps Dodge and its predecessors since 1885.The Morenci Mine is a
Sumitomo Corporation of America
9
Visions - Winter/Spring 2010
Table of Contents for the Digital Edition of Visions - Winter/Spring 2010
Visions - Winter/Spring 2010
Contents
Summit VetPharm Achieves Success Through Commitment
SCOA Subsidiaries Join Forces for Fundraising Program
Perennial Power Acquires Energy Cogeneration Plant in the Heart of Georgia
Mineral Mining Interests Produce Gold, Silver, Copper and Revenue
2010 Mid-Term Election Year Outlook
Visions - Winter/Spring 2010 - Contents
Visions - Winter/Spring 2010 - 2
Visions - Winter/Spring 2010 - Summit VetPharm Achieves Success Through Commitment
Visions - Winter/Spring 2010 - 4
Visions - Winter/Spring 2010 - SCOA Subsidiaries Join Forces for Fundraising Program
Visions - Winter/Spring 2010 - 6
Visions - Winter/Spring 2010 - Perennial Power Acquires Energy Cogeneration Plant in the Heart of Georgia
Visions - Winter/Spring 2010 - 8
Visions - Winter/Spring 2010 - Mineral Mining Interests Produce Gold, Silver, Copper and Revenue
Visions - Winter/Spring 2010 - 10
Visions - Winter/Spring 2010 - 2010 Mid-Term Election Year Outlook
Visions - Winter/Spring 2010 - 12
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