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LS MnM (formerly LS-Nikko Copper), part of South Korea's LS Group, operates the Onsan smelter/refinery near Ulsan — one of the world's larger integrated copper smelting complexes, with roughly 680,000 t/yr electrolytic copper cathode capacity fed by concentrate imported from about ten countries (Chile, Peru, Indonesia among them).
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 2 suppliers, 2 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
LS Corp FY2025 사업보고서 (DART rcpNo 20260318001427), section 3 원재료 및 생산설비, 주요 원재료 현황 table, segment 엠앤엠 (LS MnM): items 동정광, 슬라임 등 for 전기동, 금, 은 생산, 2025 purchases KRW 14,384,061 million, 주요 매입처 PT. AMMAN Mineral, BHP Billiton 등. Confirms BHP as a 2025 concentrate supplier to the Onsan smelter (Ulsan, Korea). Underlying contract per LS MnM corporate history, May 2024: 1.73 million tons of concentrate over 5 years (https://www.lsmnm.com/en/histroy_museum/corporate06). Neither source names the BHP mine or country of origin (BHP ships copper concentrate from Chile, Australia and Peru), so origin stays unpinned.
Shanghai Metals Market (trade press, 2023-06-26): 'Antofagasta completed negotiations on TCs under long-term contracts between July 2023 and June 2024 with South Korean LS-MnM smelter'. Antofagasta's concentrate-producing mines (Los Pelambres, Centinela) are in Chile per its Annual Report 2025; LS MnM's Onsan smelter is in Korea. Not a company filing; no tonnage or TC level stated.
US Customs bills of lading summarised by ImportGenius (shipper LS MnM Inc., Seoul KR; page updated 2026-09-19): top importer 'IXM TRADING LLC', New Orleans, Louisiana, most recent 2026-03-02, 600 containers, 12,005,907 kg gross cumulative since 2006. LS MnM's US sea shipments on the same page are 'LME REGISTERED GRADE A COPPER CATHODES BRAND ONSAN I/II', the brands of its Onsan (Ulsan, Korea) refinery. Per-BoL route for the IXM entries is not shown in the free view; origin taken as the Onsan refinery named on the shipper's cathode brands. Trader consignee, route pinned by the customs record.
US Customs bills of lading MAEU274785409 and MAEU274787333, arrival 2026-09-19, port New Orleans, shipper LS MNM, consignee SOCIETE GENERALE, cargo 'LME REGISTERED GRADE A COPPER CATHODES BRAND ONSAN I', 499.588 t and 500.694 t net, notify party text '... ENERGY AMERICA LLC COPPEROPS@MERCURIA.COM'. Earlier SocGen-consigned Onsan I cathode lots arrived 2026-07-08 (three BoLs, ~500 t each). Onsan I is LS MnM's refinery at Onsan, Ulsan, Korea; the BoL country field shows the transshipment load port (China/Colombia), not the refinery. Societe Generale is the financing consignee; Mercuria is the notify party, i.e. the trade-side owner.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
4 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 1008 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
AMMN Annual Report 2025, consolidated FS note on sales >10% of total (p.315): 'LS Metals and Materials Inc. - [2025] / 10.4% 278,001 [US$ thousand, 2024]'; no 2025 sale to LS as exports were restricted and AMNT's own smelter took the concentrate. AR 2025 MD&A (p.99): 2024 revenue was concentrate (US$1,465m) and 2025 was the first year of copper cathode revenue, so the FY2024 LS sale is Batu Hijau (Sumbawa, Indonesia) copper concentrate. AR 2023 (https://minedocs.com/26/PT-Amman-Mineral-Internasional-AR-2023.pdf) had LS Metals at 12.4% / US$253.2m (2023) and 17.1% / US$483.7m (2022). LS Metals and Materials Inc. (formerly LS-Nikko Copper) = LS MnM, whose only copper smelter is Onsan, Ulsan, Korea. Batu Hijau ID > Onsan KR.
Shanghai Metals Market (trade press, 2023-06-26): 'Antofagasta completed negotiations on TCs under long-term contracts between July 2023 and June 2024 with South Korean LS-MnM smelter'. Antofagasta's concentrate-producing mines (Los Pelambres, Centinela) are in Chile per its Annual Report 2025; LS MnM's Onsan smelter is in Korea. Not a company filing; no tonnage or TC level stated. Antofagasta AR 2025 (p.196) shows South Korea revenue of $467.8m in 2025 but does not name the customer.
Disclosed by the buyer (LS MnM corporate history, May 2024): LS MnM signed a large-scale mineral concentrate purchase agreement with BHP for 1.73 million tons over 5 years. Copper concentrate for LS MnM's Onsan smelter (Korea); source does not name the BHP mine/country of origin. Refreshed 2026-09-27: Minera Spence S.A. (Spence mine, Antofagasta Region, Chile; BHP 100%) audited FY2025 IFRS statements filed with Chile's CMF (SARYT registry), Note 4 credit risk, concentration of the ten main customers by revenue (revenue US$2,774.7m 2025, US$2,495.7m 2024) lists 'LS MnM Inc. 4.42%' of 2025 revenue (about US$122.6m, derived), pinning origin to BHP's Spence mine in Chile; contract source https://www.lsmnm.com/en/histroy_museum/corporate06
Same 17-A passage: for the April 2023 to March 2024 contract year IXM won the bidding with '60% of the shipments allocated for delivery to Pan Pacific and the remaining 40% to L.S. Nikko of South Korea'. Padcal mine in Benguet, Philippines; LS-Nikko (now LS MnM) smelts at Onsan, Ulsan, Korea. IXM S.A. was the contracting buyer; delivery point stated by the filing. The filing also says Hartree Metals shipments for June 2024 to June 2025 (10,000 DMT) were for delivery to Onsan, without naming the smelter company.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 3 of its 3 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is flat.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.