Mineral Resources & Energy
Our business unit is active in various fields, including mineral resources, energy, and light metal products.
In the mineral resources and energy field, our portfolio includes coal, iron ore, copper, petroleum, gas (LNG/LPG) and new energy (H2/NH3). Our trading activities encompass areas such as carbon products, ferrous raw materials, petroleum and gas.
Sumitomo Corporation Group has formed strategic alliances with major mining companies such as Glencore. We hold mining rights in and operate 1 Australian copper mine of Northparkes and 3 Australian coal mines including Oaky Creek, Hail Creekand Clermont. We will not make further investment in thermal coal mining interest and aim to achieve zero production in thermal coal mines by 2030. Instead, we will expand our portfolios in new and environmentally friendly resources.
In Sarawak Malaysia, we made an investment in Sakura Ferroalloys where we produce 250,000 tons of ferroalloys annually at full production capacity to support the global steel industry. In Singapore, we have two mineral resources trading companies, namely Summit Energy Resources, an iron ore trading company and Aegis Energy Trading, a coal trading joint venture with Indonesia’s Astra Group. Both companies are supporting various industries in Asia by supplying mineral resources stably. We are also engaged in carbon materials trading in the region. In addition to traditional mineral resources business, we are studying the development of next generation energy including hydrogen and ammonia and aim to contribute to realizing a carbon-neutral society.
In the energy field, we are expanding our businesses in oil, gas (LNG/LPG), and new energy (H2/NH3). For oil-related assets, we own a Floating, Production, Store, and off-loading (FPSO) leasing business in partnership with Malaysian FPSO contractor Yinson, one of the world’s leading FPSO service providers. Together, we own and operate a FPSO in Ghana, and will start another FPSO venture in Brazil in 2023 where the FPSO is currently under construction. For next generation bunker fuel for ships, in collaboration with Maersk, Keppel Offshore & Marine and others, we have been conducting feasibility studies for NH3 bunkering in Singapore since March 2021. We are also ready to supply LNG bunkering in this region as an alternative fuel to meet demand from various customers for ship bunker fuel.