LS-Nikko Copper

What LS-Nikko Copper does

LS MnM (formerly LS-Nikko Copper) is a South Korea-headquartered, LS Group-owned non-ferrous metals and advanced materials company operating from a 680–800kt/yr copper smelter in Onsan, Ulsan, with a Seoul corporate office and overseas representations in Shanghai, Santa Fe Springs, and Bangkok. Founded in 1936 as Chosun Smelting (with the LS-Nikko Copper JV established in 1999 and fully absorbed into LS Group in 2022), the company generates consolidated revenue of KRW 14.94 trillion (FY2025) from a diversified product portfolio: 99.99%+ purity electrolytic copper (LME Grade A, SHFE, and COMEX Grade 1 registered), precious metals (gold, silver, platinum, palladium, crude rhodium) registered under LBMA Good Delivery, rare metals (selenium, tellurium, ammonium perrhenate), and industrial by-products (1,925kt/yr sulfuric acid, 180kt/yr high-purity PSA for semiconductor wafer cleaning, LS-Ferrosand copper slag aggregate, gypsum, steam). The company serves enterprise customers across the electronics and electrical (wire and cable for EHV/submarine power transmission), semiconductor (Korean wafer fabs), EV battery, petrochemical, steel, cement, and jewelry/investment gold sectors through direct B2B contracts.

The underlying technology combines pyrometallurgical and hydrometallurgical smelting/refining (Jaryo furnace and Mitsubishi continuous processes) with the ODS (Onsan Digital Smelter) smart factory platform, an APS scheduling algorithm, and a vertically integrated subsidiary ecosystem: GRM (recycling 73,300 t/yr of black copper and e-waste), Torecom (Korea's #1 wet recycler, now producing nickel sulfate at 6,000 t/yr), Sunwoo (EPC/maintenance), CS Marine (combo-vessel logistics), and the 66%-owned PRM JV with Codelco for precious metals recovery in Chile. Revenue mechanics rest on commodity metals pricing (B2B contracts tied to LME benchmarks), long-term copper concentrate offtake contracts with Tier 1 miners (BHP 5-year/1.73Mt, FQM 15-year/1.8Mt, Tech Resources 10-year/1Mt), and emerging sales of battery-grade metal compounds (nickel sulfate, cobalt sulfate, manganese sulfate, lithium hydroxide) from facilities under construction at Saemangeum (40kt/yr Ni-eq) and Ulsan Onsan (22kt/yr Ni-eq). Retail gold bars (LS Gold Bar 1kg/100g/10g) launched on the Korea Exchange in August 2025 extend the model into B2C investment channels.

Name

LS-Nikko Copper

Legal name

LS MnM Inc. (주식회사 엘에스엠엔엠)

Website

https://lsmnm.com

Company type

Public

Founded year

1936

Operating status

Operating

Headcount range

501–1,000 employees

Short description

LS MnM (formerly LS-Nikko Copper) is a South Korea-based, LS Group-owned non-ferrous metals refiner producing 680–800kt/yr electrolytic copper plus precious metals, rare metals, sulfuric acid, semiconductor-grade PSA, and emerging EV battery materials for global industrial, electronics, semiconductor, and battery customers.

Ownership category

akta.pro rank

Headquarters

HQ city

Ulsan

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Metals Sales: Sale of refined metal products including electrolytic copper (680kt/yr capacity), gold (60t/yr), silver (1,200t/yr), platinum (600kg/yr), palladium (3,500kg/yr), crude rhodium (520kg/yr), and rare metals such as selenium (680t/yr), tellurium (50t/yr), and ammonium perrhenate (3,600kg/yr). Primary revenue driver.
2. Industrial By-products: Sale of by-products from refining processes including sulfuric acid (1,925kt/yr), liquid sulfur dioxide (18,250t/yr), LS-Ferrosand copper slag aggregate (1,250kt/yr), gypsum (120kt/yr), and LS-Precious Sand (2,700t/yr). Steam sales to nearby companies.
3. Materials (Battery & Semiconductor): Sale of battery materials (nickel sulfate, cobalt sulfate, manganese sulfate, lithium hydroxide) and semiconductor materials (PSA/high-purity sulfuric acid, 180kt/yr capacity). Emerging revenue stream as company diversifies into future growth areas.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

LS MnM (formerly LS-Nikko Copper) operates an integrated non-ferrous metals smelting and refining business at its Onsan complex, producing LME Grade A electrolytic copper (680 kt/yr), precious metals (gold, silver, platinum, palladium, crude rhodium), and rare metals (selenium, tellurium, ammonium perrhenate). It also markets industrial by-products (sulfuric acid, liquid SO2, LS-Ferrosand, gypsum) and is expanding into advanced materials, including 180 kt/yr electronic-grade high-purity sulfuric acid (PSA) for semiconductor manufacturers and planned battery-grade nickel/cobalt/manganese sulfate and lithium hydroxide for EV battery customers.

Product overview

LS MnM (formerly LS-Nikko Copper) is a diversified global non-ferrous metals and materials company operating two main business segments: Metals and Materials. The Metals segment encompasses non-ferrous metals (electrolytic copper cathode, crude nickel sulfate), precious metals (gold, silver, platinum, palladium, crude rhodium), rare metals (selenium, tellurium, ammonium perrhenate), and by-product chemicals (sulfuric acid, liquid SO₂, LS-Ferrosand, gypsum, LS-Precious Sand). The Materials segment covers semiconductor-grade high-purity sulfuric acid (PSA) and planned EV battery materials (nickel sulfate, cobalt sulfate, manganese sulfate, lithium hydroxide). The company also operates internal digital platforms including ODS (Onsan Digital Smelter) for smart factory operations and LPL for business partner transactions. The portfolio spans from raw ore processing to high-purity refined metals and advanced materials for semiconductors and batteries.

Differentiator

Problem solved

Functional benefit

Brands

• LS Gold Bar: Retail gold bullion products in 1kg, 100g, and 10g sizes launched in 2012 for consumer/investment use
• LS-Ferrosand
• LS Precious Sand
• L-SO3 (Liquid Sulfur Trioxide)
• L-SO2 (Liquid Sulfur Dioxide)
• LPL (LS MnM Partner's Lounge)

Products and services

• Electrolytic Copper Cathode (전기도동) 99.99%+ purity electrolytic copper cathode, registered as LME Grade A, SHFE Grade A and COMEX Grade 1. Used by wire and cable manufacturers, automotive wiring suppliers, electronics OEMs, and construction companies for power transmission (EHV, submarine cables), telecommunications, automotive, industrial machinery, and EV batteries.
• Crude Nickel Sulfate (조황산니켈) Nickel sulfate containing 80%+ Ni, produced as a by-product from copper electrolytic refining. Used as raw material for lithium-ion battery cathodes, catalysts and plating.
• Gold (Au)

Quantifiable outcome

• LME Grade A certification maintained for electrolytic copper since 2000 (Onsan II) and 2006 (Onsan I)
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

13 partnerships are on record, tiered core, major and minor.

• IS DongseocoreStrategic or Co-development Partner · 1 November 2024LS MnM and IS Dongseo signed a business cooperation agreement for battery recycling business, combining LS MnM's metallurgical expertise with IS Dongseo's capabilities in battery materials processing.
• LB LitheccoreStrategic or Co-development Partner · 1 October 2024LS MnM and LB Lithec signed an MOU for cooperation in 2nd battery (EV battery) recycling business, working together on recovering valuable metals from end-of-life batteries.
• BHPcoreStrategic or Co-development Partner · 1 May 2024Global mining company BHP and LS MnM signed the company's largest-ever copper concentrate supply contract worth 1.73 million tons over 5 years, securing stable raw material supply for the Onsan smelter.
• Saemangeum Development Agency and Saemangeum Regional Innovation CouncilmajorStrategic or Co-development Partner · 1 November 2023LS MnM signed an investment agreement to build a 2nd battery materials production facility at the Saemangeum National Industrial Complex, with annual production capacity of 40,000 tons (nickel metal equivalent) for battery-grade metal compounds.
• Ulsan Metropolitan CitymajorStrategic or Co-development Partner · 1 November 2023LS MnM and Ulsan City signed an investment agreement to construct a new 2nd battery materials production facility at the Ulsan Onsan National Industrial Complex with annual capacity of 22,000 tons (nickel metal equivalent).
• TorecomcoreStrategic or Co-development Partner · 1 March 2023Subsidiary Torecom (wet recycling specialist) completed construction of a nickel sulfate plant with annual capacity of 6,000 tons (nickel metal equivalent), providing LS MnM with integrated battery materials capabilities.
• First Quantum Minerals (FQM)coreStrategic or Co-development Partner · 1 October 2019LS MnM signed its largest-ever and longest-term copper concentrate supply contract with Canada's FQM for 1.8 million tons over 15 years, securing long-term raw material supply from a global Tier 1 mining company.
• Tech ResourcescoreStrategic or Co-development Partner · 1 September 2019LS MnM signed its longest-term copper concentrate supply contract with global resource developer Tech Resources for 1 million tons over 10 years.
• Codelco (Chile)coreStrategic or Co-development Partner · 1 July 2014LS MnM and Chile's state-owned Codelco (world's largest copper producer) established a joint venture for precious metals recovery from anode slime produced at Codelco's operations. LS MnM holds 66% stake in PRM (Planta Recuperadora de Metales).
• GRMcoreStrategic or Co-development PartnerSubsidiary GRM (Global Resource Management) operates recycling facilities processing 73,300 tons annually of black copper, slag, and gypsum from electronic waste, recovering copper, gold, silver, and rare metals.
• TorecomcoreStrategic or Co-development PartnerSubsidiary Torecom is Korea's #1 market share holder in precious metals wet recycling, providing total solution from high-purity refining to material production, including EV battery material nickel sulfate.
• SunwoominorImplementation/ SI/ Consulting PartnerSubsidiary Sunwoo specializes in plant construction and maintenance for smelting and recycling facilities, providing engineering, procurement, and construction services for LS MnM's operations.
• CS MarineminorStrategic or Co-development PartnerSubsidiary CS Marine operates the 'CS Onsan' combo vessel capable of simultaneous loading of ore and sulfuric acid, transporting copper concentrate imports and exporting sulfuric acid products.

Scale indicators12 records

Recent moves17 records

Expansion highlights7 records

Direct peers

• Boliden: Swedish integrated miner and copper/zinc smelter with substantial electronic-waste recycling, producing LME-grade copper alongside precious metals. Closely comparable in combining primary smelting, multi-metal output, precious metals recovery, and circular-economy recycling.
• Jiangxi Copper: China's largest integrated copper producer, operating large-scale copper smelting and refining alongside precious metals and by-products. Comparable to LS MnM in copper cathode scale, multi-metal output, and global concentrate procurement model.
• Dowa Holdings: Japanese non-ferrous and recycling company producing copper, precious metals, and rare metals from both primary and secondary feedstocks, with strong e-waste recycling. Closely comparable to LS MnM in wet recycling, precious metals recovery, and rare-metals byproduct expertise.
• Aurubis: Europe's largest copper smelter and one of the world's leading copper recyclers, producing LME-registered copper cathodes alongside precious metals and by-product sulfuric acid. Directly comparable to LS MnM in primary copper refining, precious metals recovery, and integrated recycling business model.
• Mitsubishi Materials: Japanese non-ferrous metals producer using the Mitsubishi continuous copper smelting process, the same process LS MnM employs at Onsan. Highly comparable in copper refining technology, precious metals output, and integrated smelter-recycler business model.
• Tongling Nonferrous Metals: Major Chinese copper smelter and refiner producing electrolytic copper alongside precious metals and sulfuric acid by-products. Comparable to LS MnM in primary copper smelting, multi-metal output, and integrated sulfuric acid utilization.
• Korea Zinc: Korea's leading non-ferrous metals smelter, producing zinc, lead, copper, and precious metals with substantial sulfuric acid output and recycling operations. Directly comparable as a Korean-headquartered, vertically integrated non-ferrous smelter with sulfuric acid and precious metals by-products.
• KGHM Polska Miedź: Polish integrated copper miner and refiner producing electrolytic copper, silver, and other non-ferrous metals at significant scale. Comparable to LS MnM in copper cathode production, silver output, and global concentrate sourcing model.

Broad incumbents

• Sumitomo Metal Mining: Major Japanese non-ferrous metals producer with nickel, copper, and precious metals operations plus a growing battery materials business. Comparable to LS MnM in copper and precious metals output and in entry into battery-grade materials, though at a much larger diversified scale.
• Glencore: Global integrated mining, smelting, and commodity trading group with substantial copper, cobalt, and zinc operations, including a major custom copper smelting business. Overlaps with LS MnM in custom copper smelting and concentrate procurement, but operates at far greater scope across mining and trading.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCx2PGRw5KasobWe_z319SUA
• Facebookfacebook.com/greatls
• LinkedInlinkedin.com/company/ls-nikko-copper

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LS-Nikko Copper