Mitsui Enters into Agreements with Florence Copper LLC for Low-Carbon Copper Cathode Offtake and Equity Conversion Right

Dec. 21, 2022

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Mitsui & Co. (U.S.A.) Inc. ("Mitsui USA"), a wholly owned subsidiary of Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori), has entered into agreements with Florence Copper LLC ("Florence") for copper cathode offtake and an equity conversion right. Florence plans to produce low-carbon copper cathode in Arizona, U.S.A. Mitsui USA will pay USD50 million to cover part of the development costs, and will receive copper cathode and also acquire an equity conversion right. Florence is a wholly owned subsidiary of Taseko Mines Limited, which is listed on the Toronto Stock Exchange.

Florence plans to produce copper using the in-situ recovery (ISR)* for extracting the metal from underground deposits. This method will enable mining operation with carbon emissions approximately 80% lower compared with conventional copper mining, and also a low environmental burden, since no shovels, trucks, or other heavy machinery are used to extract copper. Once the U.S. Environmental Protection Agency issues the final environmental permit, Florence will start construction of the project, which is expected to take 18 months, and then will commence production. Mitsui will use its marketing and business development expertise accumulated over the years to contribute to the sale of the low-carbon copper cathode in the United States and the development of the project.

Copper is an important industrial material. Further demand growth is anticipated due to the increasing use of electric vehicles and the development of renewable energy infrastructure driven by rising environmental awareness on a global scale. Mitsui has set a coal of achieving net zero emissions by 2050, and aims to halve its greenhouse gas (GHG) impact by 2030 compared with the level in FYE March 2020. Through this project and other GHG reduction initiatives, Mitsui will contribute to the realization of a carbon-neutral society.

*ISR is a method in which diluted acidic solution is injected into the ground to dissolve copper minerals in situ. The resulting solution is then pumped up to the surface. This mining method is commonly used for uranium extraction, but there are few copper mines that are suitable for this type of extraction.

Company Profile

Official name Taseko Mines Limited
Head Office Location Vancouver, British Columbia, Canada
Established April 15, 1966
Representative Stuart McDonald, CEO
Number of employees 742
Business Activities Mine development in North America (especially copper mines), production and sales of metal resources

Official name Florence Copper LLC
Head Office Location Florence, Arizona, Unites States of America
Established September 14, 2007
Representative Richard Tremblay
Number of employees 35
Business Activities Development of the Florence Mine, production and sales of copper

Florence Production Test Facility

Florence Production Test Facility

Mitsui’s Materiality

“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Secure sustainable supply of essential products” and “Create an eco-friendly society”

  • Secure sustainable supply of essential products

    Secure sustainable supply of essential products

  • Enhance quality of life

    Enhance quality of life

  • Create an eco-friendly society

    Create an eco-friendly society

  • Develop talent leading to value creation

    Develop talent leading to value creation

  • Build an organization with integrity

    Build an organization with integrity


For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
Facsimile: +81-3-3285-9819
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