Mitsui & Co., Ltd. (Head Office: Chiyoda-ku, Tokyo, President and CEO: Kenichi Hori, "Mitsui") has acquired a 60% stake in Komatsu Mining Corp. Perú*1 ("KMCP"), which is wholly owned by Komatsu Ltd. (Head Office: Minato-ku, Tokyo, President and Representative Director: Hiroyuki Ogawa, "Komatsu") through Komatsu's subsidiary in the U.S. KMCP is engaged in sales and servicing of mining machinery used in open-pit and underground mining in Peru.

Mitsui and Komatsu plan to jointly carry out a merger between KMCP and Komatsu Mitsui Maquinarias Peru ("KMMP", Mitsui: 60%, Komatsu: 40%), a construction and mining machinery sales and service company in Peru, in 2024. The surviving entity will be KMMP, with Mitsui owning a 60% stake and Komatsu 40%. Mitsui has operated and expanded its construction and mining machinery sales and service business in Peru since investing in KMMP in 1996. By adding KMCP's range of super-large machinery for open-pit and underground mining to KMMP's existing product lineup through this merger, it will be possible to offer customers in Peru a broader range of products and services.

Peru is a major mining country ranked second in the world in terms of copper output. Copper is a base metal resource. In addition to its use in electric power infrastructure, copper will also play an essential role in the electrification of the mobility sector, which is increasingly seen as an important step toward global decarbonization. By 2030, the world's copper demand is expected to exceed output from all existing projects in the world. This situation is expected to result in the expansion of existing mines and the development of new ones. Peruvian copper is known to be cost-competitive and Peru's presence as a major global copper supplier is expected to further grow. One of KMCP's major products is Komatsu super-large electric rope shovels (height: approximately 19 m*2) for use in open-pit copper mining, while KMMP's mainstay products are the super-large dump trucks (over 300 tons), needed to transport copper ore dug out by electric rope shovels, and with market shares in excess of 60%, both products are vital to copper production in Peru. By integrating the sales and service operations of KMCP and KMMP, Mitsui will help to ensure the reliable operation of mining machinery. By doing that, Mitsui will contribute to global copper production and achieve "Secure sustainable supply of essential products", which is one of the key elements of Mitsui's Materiality.

*1 Formal name under company law: Joy Global (Peru) S.A.C.
*2 Model: P&H 4800XPC

Company Profile

Left: A heavy dump truck supplied by KMMP, right: a 4100XPC super-large electric rope shovel supplied by KMCP (height: approx. 17 m)

KMCP's mining machinery repair plant in the La Joya District of southern Peru