# Who does Sumitomo Metal Mining pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/sumitomo-metal-mining · Facet: suppliers · Updated: 2026-09-11T15:35:54.953409+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Sumitomo Metal Mining's confirmed suppliers/cost counterparties include Freeport-McMoRan Inc. plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 cost edges, backed by 5 dated sources, 2 of them primary filings (as of 2026-09-11).

### 해외 광산 지분 (지분법 — 모레니치·세로베르데·케브라다블랑카·코테골드) (high)
- note: SMM's Resources segment is really a portfolio of equity-method mine stakes — copper/gold interests in Morenci (US, 25%), Cerro Verde (Peru, 16.8%), Quebrada Blanca (Chile, 25%) and Côté Gold (Canada, 30%) drove FY2026 equity-method income to JPY 40.6bn (from JPY 8.7bn), the real engine behind net profit +969%. It is these copper/gold stakes and the price cycle, not nickel cathode, that govern the amplitude of earnings. In 2026 it also newly acquired an interest in the Winu copper-gold project (Australia).
- [mentions] MarketScreener (EN, research, published 2026-06-01) https://www.marketscreener.com/quote/stock/SUMITOMO-METAL-MINING-CO--6491216/consensus/: "That equity-method copper/gold mines drive the earnings amplitude is central to valuation — tied to the metals-price cycle more than to batteries."
- [confirms] Sumitomo Metal Mining (EN, filing, published 2026-05-11) https://www.smm.co.jp/en/news/release/uploaded_files/20260511_E_full.pdf: "Equity-method income JPY 40.6bn (from JPY 8.7bn). Stakes: Morenci 25%, Cerro Verde 16.8%, Quebrada Blanca 25%, Côté Gold 30%. Resources revenue JPY 302.6bn (+43.6%), segment income JPY 167.8bn (+64.8%) — driven by record copper/gold prices."

### 코랄베이 니켈 (필리핀 HPAL) (high)
- note: Upstream nickel/cobalt feed (24kt Ni, 2.5kt Co per year) from the Palawan HPAL plant; became a wholly owned subsidiary in Feb 2025.
- [confirms] Sumitomo Metal Mining (EN, filing, published 2026-05-11) https://www.smm.co.jp/en/news/release/uploaded_files/20260511_E_full.pdf: "Smelting: Coral Bay (Philippines) output dipped slightly while Taganito HPAL rose; electrolytic nickel output hit a record high (66kt)."
- [confirms] Argus Media (EN, news, published 2025-02-04) https://www.argusmedia.com/en/news-and-insights/latest-market-news/2644488-smm-to-wholly-own-philippine-coral-bay-nickel-smelter: "SMM bought Nickel Asia's remaining 15.625%, making Coral Bay wholly owned."

### 암바토비 JV (마다가스카르) (high)
- note: Upstream nickel mining/refining JV (54% stake); divestment announced May 2026, exit targeted for H1 of FY ending Mar 2027.
- [confirms] Bloomberg (EN, news, published 2026-05-01) https://www.bloomberg.com/news/articles/2026-05-01/japan-s-sumitomo-to-divest-stake-in-madagascar-nickel-project: "Sumitomo to divest its 54% Ambatovy interest in H1 FY to Mar 2027."

### 프리포트맥모란 (mid)  → /freeport-mcmoran.md
- note: Sumitomo Metal Mining is an equity partner in Morenci and a counterparty to the sales to Morenci joint-venture partners included in FCX's consolidated revenue, but FCX does not disclose sales to it separately.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-13) https://www.sec.gov/Archives/edgar/data/831259/000083125926000012/fcx-20251231.htm: "Consolidated revenues include sales to Morenci's joint venture partners."
- [mentions] Sumitomo Metal Mining (EN, ir, published 2025-11-28) https://www.smm.co.jp/en/ir/library/integrated_report/pdf/2025/2025_section4_EN.pdf: "Morenci is listed among SMM's major overseas operating mines."

Reverse side: https://valuechain.wiki/sumitomo-metal-mining/customers.md · Ripple: https://valuechain.wiki/sumitomo-metal-mining/ripple.md

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