JX Nippon Mining & Metals Corporation entered into a basic agreement to acquire 48.5% stake in Caserones Copper Mine Project in Chile from Mitsui & Co., Ltd. (TSE:8031) and Mitsui Mining & Smelting Co., Ltd. (TSE:5706) on November 9, 2020. Under the terms, Mitsui & Co will transfer 22.63% stake and Mitsui Mining & Smelting Co will transfer 25.87% stake in Caserones Copper Mine. Along with this transaction, Mitsui & Co's wholly owned subsidiary Mitsui Bussan Copper Investment & Co., Ltd. will be dissolved and liquidated.

The mine's annual output of copper concentrates has stabilised at more than 100,000 tonnes after a series of ramp-up delays and cost-overruns forced the three companies to book ¥445.7 billion of impairment losses in total. This transaction will be effective after the fulfillment of relevant condition precedent, of which completion is expected by the end of March 2021.