Nippon Mining to Spend 510 Billion Yen on Copper (Update1)

By: Megumi Yamanaka

May 8 (Bloomberg) — Nippon Mining Holdings Inc., the country’s biggest copper producer, will invest 510 billion yen ($4.9 billion) over three years to expand metals output and improve operations at its refineries in Japan.

Nippon Mining, also an oil refiner, targets net income of 88 billion yen for the year ending March 2011 and 130 billion yen for the fiscal 2015, it said in a statement today. It predicted profit for this year of 72 billion yen on April 30.