Nikkei reported that Sojitz Corporation, Furukawa Company and Dowa Metals & Mining Company will increase production at a Canadian copper mine by 60% from current levels.

Work to expand the Gibraltar mine in southwestern Canada is slated for completion by the end of 2012. Output will then be ramped up to around 80,000 tonnes per year. Although the European economic slowdown is driving copper prices down demand is expected to grow 3% to 4% a year over the long term.

The mine is 75% owned by local mine management company Taseko Mines Limited. Through their local JV, Sojitz has a 12.5% stake and Furukawa and the Dowa Holdings Company unit each hold 6.25% interest. The trio's outlay of CAD 69 million or roughly JPY 5.5 billion to boost production will be split in line with their stakes. The total investment is set at CAD 363 million or about JPY 29 billion.

(Sourced from Nikkei.com)