Teck Resources and Sumitomo have closed their $1.2B transaction, giving Sumitomo a 30% indirect interest in the Quebrada Blanca copper project.
SUMITOMO CORP Mining News
A union at the Sierra Gorda copper mine, controlled by Polish mining company KGHM, could go on strike this week after rejecting the latest offer in contract negotiations.
The state-owned metals and mineral trading firm also signed a 2,400 tonne nickel briquette purchase agreement with Japan's Sumitomo Corp.
Due to lower production amid bad weather and a slow ramp-up after a regular maintenance, Sumitomo now expects a loss of 13.6 billion yen.
Move comes amid commodity price downturn.
Teck Resources has entered into a non-binding memorandum of understanding with Sumitomo Metal Mining (SMM) for the proposed sale of Teck’s 40% interest in the Pogo mine in Alaska for $245 million subject to adjustment for working capital. SMM holds an indirect 51% interest in Pogo and an affiliate of Sumitomo Corp holds a 9% [...]