This transaction allows JX to redirect resources toward its advanced materials operations and reduce exposure to the fluctuations associated with mining activities, while providing Glencore with an additional copper development opportunity in Peru.
"The project has the potential to support our Antapaccay mine given its close proximity to the operation and its Coroccohuayco project," Glencore said in a separate statement.
According to Peru's official mining project portfolio, the Quechua initiative carries an estimated investment requirement of $1.29 billion.
PPC originally acquired its interest in Quechua in 2007 and subsequently performed several feasibility assessments. However, the company chose to concentrate efforts on the Caserones copper mine in Chile instead of advancing Quechua to the construction stage.
At the time of purchase, PPC paid $40 million for the stake, which covers reserves estimated at 260 million metric tons. Initial plans included commencing production in 2012 with an annual target of 210,000 tons of copper concentrate, corresponding to roughly 60,000 tons of refined copper.
JX Advanced Metals specializes in producing sputtering targets essential for depositing thin films in semiconductor manufacturing. In recent years, the firm has emphasized growth in materials applied in smartphones, automobiles, and telecommunications equipment.
PPC remains Japan's primary supplier of refined copper and is owned 47.8% by JX, 32.2% by Mitsui Mining and Smelting, and 20% by Marubeni.
Beyond Quechua, JX maintains interests in Chilean operations, including a 30% share in Caserones, 12.52% in Los Pelambres, and 3% in Escondida.
The company has gradually reduced positions in major copper mines while pursuing smaller projects that ensure steady access to minor metals, rare earth elements, and other inputs critical for its core advanced materials segment.
When questioned about potential future sales of the remaining Chilean holdings, a spokesperson indicated that no firm decisions have been reached, though various possibilities continue to be evaluated.
This divestment reflects a deliberate strategic adjustment aimed at strengthening areas of competitive advantage and stabilizing earnings through focus on high-value processed materials rather than upstream resource extraction.
By transferring the Quechua asset to an experienced operator like Glencore, the project gains renewed momentum for eventual realization, benefiting from proximity to existing infrastructure.
Such portfolio refinements enable companies to align investments more closely with long-term market demand for specialized components in electronics and other advanced industries.
Overall, the move supports sustainable resource management while positioning both parties to capitalize on their respective strengths in the global copper and materials supply chains.
