JX Metals Corporation and Mitsubishi Corporation have agreed to establish a joint venture. Accordingly, the resource circulation of nonferrous metals from waste from home appliances, electronic equipment, and automotive lithium-ion batteries.

Mitsubishi and JX Metals are eyeing the joint venture to commence operations around July 2024.

As decarbonization progresses, future demand for metal resources such as copper and minor metals will likely expand. Thus, there is a growing interest in closed-loop recycling. Specifically, it is the process of collecting used products and recycling them. In short, reusing the same material in fields such as automotive, home appliances, and electronics industries.

However, this process is not easy to achieve. This will require the entire supply chain involved in the product lifecycle to work together to develop an efficient system.　

Streamlines Operations

Earlier, JX Metals split off the copper and precious metals recycling and automotive lithium-ion battery recycling businesses,¹ which JX Metals and its wholly owned subsidiary, JX Metals Trading Co., Ltd., operates at present.

These businesses will form the JV established with MC. The aim is to further promote resource circulation.² The JV will leverage MC’s global, cross-industry network and knowledge to enhance the collection of recyclable materials and promote recycling process reform and digitalization in cooperation with domestic and overseas recyclers. It also aims to contribute to the realization of a circular economy by providing solutions to challenges faced by automotive OEMs and general electronics manufacturers based on the resource circulation of nonferrous metals.

After the JV starts operations, JX Metals Trading’s functions will also expand through deeper cooperation in sales and marketing. Particularly, with the various divisions of the JX Metals Group related to semiconductor materials and ICT materials. As a core trading company in the Group’s focus business, it will further promote business operations. Most importantly, taking advantage of its agility, and contribute to the growth of the entire Group.

Going forward, the JX Metals Group will continue its group-wide efforts. Specificlaly, in implementing steadily the growth strategies outlined in the “JX Metals Group Long-Term Vision 2040.”

Notes:

¹Part of JX Metals’ business entailing collection of raw materials for recycling and recycling of waste automotive lithium-ion batteries will go to the joint venture. Same goes for JX Metals Trading’s business involved in the collection of raw materials for recycling.

In addition, JX Metals Circular Solutions Co., Ltd., a wholly owned subsidiary of JX Metals, which is currently conducting demonstration tests for recycling of waste automotive lithium-ion batteries, will become a wholly owned subsidiary of the JV. Thereafter, its name will change to JX Metals Circular Solutions Tsuruga Co., Ltd.

Meanwhile, JX Metals Takasho Co., Ltd., a wholly owned subsidiary of JX Metals Trading Co., Ltd., will also become a wholly owned subsidiary of the JV.

²Guided by its Sustainable Copper Vision, the JX Metals Group is working to increase the amount of recyclable materials collected and processed for “green hybrid smelting”. Specifically, the process dramatically increases the ratio of recycled materials in the copper smelting process. Thus, the JV will improve the Group’s ability to collect recyclable materials. This will accelerating its efforts to achieve the goal of 50% or more recycled materials in the copper smelting process by 2040. For details on the Sustainable Copper Vision, see the news release dated August 3, 2022, “Sustainable Copper Vision: JX Metals Aims to Supply Sustainable Copper” and its attachment, “Sustainable Copper Vision: JX Mining & Metals’ approach towards realization of ‘Sustainable Copper’.”

-25 April 2024-