March 1, 2006
Sumitomo Metal Mining Co., Ltd.
p class="InterlinearTop">Sumitomo Metal Mining (SMM) and Sumitomo Corporation (SC) (SMM and SC collectively referred to as "Sumitomo") jointly announced today that they, through their joint venture company, Sumitomo Metal Mining Arizona, Inc. (SMMA), have founded new scholarship fund at Eastern Arizona College, GrahamGreenlee County, Arizona, U.S.A. (EAC) ("Sumitomo Morenci Scholarship").
Sumitomo has acquired its 15% interests in Morenci copper mine, Arizona from Phelps Dodge Corporation (PD), the world's largest publicly traded copper producer, in February 1986 and operated the Morenci copper mine under the joint venture between PD and Sumitomo (Morenci Mining Joint Venture)since then. It is now the 20th anniversary after Sumitomo joined Morenci Mining Joint Venture,and the Sumitomo Morenci Scholarship has been founded in commemoration of such 20th anniversary.
US$100,000 has been funded to the Sumitomo Morenci Scholarship program, and the scholarship would be for students desiring a technical vocation at the Morenci copper mine and would be managed by the EAC Foundation. The EAC is located approximately 50 km southwest of the Morenci copper mine, and the Morenci Mining Joint Venture has endeavored to strengthen a good relationship with EAC and has asked EAC to expand their technical vocational instructions in the areas vital to the ongoing operations at the Morenci copper mine.
As Tthe U.S. mining industry including the Morenci Mining Joint Venture has experienced great difficulty in recruitment due to the decrease of students desiring a technical vocation at the mineral resources areas and so on, Sumitomo hopes the Sumitomo Morenci Scholarship could be a good opportunity to develop the local workforce.