Coal and Copper: The Weaker MetalsThin moat

Mitsui & Co. (8031) — moat facet

Outside iron ore, Mitsui's mining stakes range from profitable to persistently loss-making.

Mitsui's other mining stakes earn much less than its iron ore. Mitsui Resources, which holds its metallurgical coal interests in Australia including 20% of Kestrel, contributed ¥28.7 billion in the year to March 2024, ¥6.4 billion in 2025 and a loss of ¥0.9 billion in 202612.

Contribution by stake, year to March 2026 (¥ bn)17.3Collahuasi (12%)-0.9Mitsui Resources (coal)-10.6Anglo American Sur (9.5%)Negative values shown as magnitudes; Mitsui Integrated Report 2026
One good copper stake, one loss-making one, and coal at breakeven.

Copper is split between a good stake and a bad one. Japan Collahuasi Resources, which holds Mitsui's 12.0% of the Collahuasi mine in Chile, contributed ¥17.3 billion34. Its interest in Anglo American Sur, 9.5% of which is held through a vehicle, has lost money in each of the last three years: ¥35.9 billion, ¥11.4 billion and ¥10.6 billion56. The same investment was impaired by ¥92.5 billion in the year to March 20167.

These stakes show the limits of the iron ore model. A minority position in a well-run, low-cost mine works; a minority position in a mine with falling grades or rising costs cannot be fixed from outside.

Copper is where Mitsui's resource strategy is least settled. Its equity production from Collahuasi was 48.5 thousand tonnes and from Anglo American Sur 19.7 thousand8, small against the world's large producers, and its net profit changes by only ¥0.5 billion for every $100 a tonne of copper9. It also holds 15% of Taganito nickel and 20.2% of Inner Mongolia Erdos, which contributed ¥11.5 billion1011.

The measure is the Anglo American Sur contribution. A fourth consecutive loss would make the case for selling it.

Moat trajectory: Narrowing

Metallurgical coal moved to a loss and Anglo American Sur has lost money three years running.

The number that tests this moat
Reported
Anglo American Sur contribution, latest year
-¥10.6bn (third consecutive loss)

The weakest stake in the segment; a return to profit would change the case for holding it.

Source: Mitsui & Co. Integrated Report 2026, data ↗
⚠ Threats to the moat
⚠ THREAT 01
A Copper Stake Impaired Twice
Mitsui's Chilean copper stake has been written down twice and still loses money.
References
  1. ReportedMitsui Resources, which holds its metallurgical coal interests in Australia including 20% of Kestrel, contributed ¥28.7 billion in the year to March 2024, ¥6.4 billion in 2025 and a loss of ¥0.9 billion in 2026.
    Mitsui & Co. Integrated Report 2026, data section - the major affiliates by segment with ownership and share of profit. — FY to March 2022-2026 · publ. 2026 · source ↗
  2. ReportedMitsui Resources, which holds its metallurgical coal interests in Australia including 20% of Kestrel, contributed ¥28.7 billion in the year to March 2024, ¥6.4 billion in 2025 and a loss of ¥0.9 billion in 2026.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedJapan Collahuasi Resources, which holds Mitsui's 12.0% of the Collahuasi mine in Chile, contributed ¥17.3 billion.
    Mitsui & Co. Integrated Report 2026, data section - the major affiliates by segment with ownership and share of profit. — FY to March 2022-2026 · publ. 2026 · source ↗
  4. ReportedJapan Collahuasi Resources, which holds Mitsui's 12.0% of the Collahuasi mine in Chile, contributed ¥17.3 billion.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedIts interest in Anglo American Sur, 9.5% of which is held through a vehicle, has lost money in each of the last three years: ¥35.9 billion, ¥11.4 billion and ¥10.6 billion.
    Mitsui & Co. Integrated Report 2026, data section - the major affiliates by segment with ownership and share of profit. — FY to March 2022-2026 · publ. 2026 · source ↗
  6. ReportedIts interest in Anglo American Sur, 9.5% of which is held through a vehicle, has lost money in each of the last three years: ¥35.9 billion, ¥11.4 billion and ¥10.6 billion.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedThe same investment was impaired by ¥92.5 billion in the year to March 2016.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2016 - the net loss and the impairments in Chilean copper, Valepar, Browse LNG and power. — FY to March 2016 · publ. May 2016 · source ↗
  8. ReportedIts equity production from Collahuasi was 48.5 thousand tonnes and from Anglo American Sur 19.7 thousand, small against the world's large producers, and its net profit changes by only ¥0.5 billion for every $100 a tonne of copper.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedIts equity production from Collahuasi was 48.5 thousand tonnes and from Anglo American Sur 19.7 thousand, small against the world's large producers, and its net profit changes by only ¥0.5 billion for every $100 a tonne of copper.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the JA Mitsui Leasing and Mainstream losses, the Russian LNG exposure, the Strait of Hormuz and the sensitivities. — FY to March 2026 · publ. 1 May 2026 · source ↗
  10. ReportedIt also holds 15% of Taganito nickel and 20.2% of Inner Mongolia Erdos, which contributed ¥11.5 billion.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  11. ReportedIt also holds 15% of Taganito nickel and 20.2% of Inner Mongolia Erdos, which contributed ¥11.5 billion.
    Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
Sources
Generated September 24, 2026