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Business deals

Eneos unit to sell South Korea copper smelter stake for $730m

Proceeds will be used to ramp up investment in advanced chip materials

JX Nippon’s smelting business has been struggling with low profitability in recent years due to the rise of bigger Chinese rivals.

TOKYO -- JX Nippon Mining & Metals, a unit of Japan's top oil refiner Eneos Holdings, on Thursday announced plans to sell its entire 49.9% holding in South Korean copper smelter LS-Nikko Copper for 930 billion won ($730 million).

The stake held by Japan Korea Joint Smelting, a unit of JX Nippon Mining, will be sold to South Korean conglomerate LS Group, which already owns the rest of LS-Nikko Copper.

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