Quadra FNX Mining announced on Sunday a US$724 million joint venture with Sumitomo Corporation to develop the Sierra Gorda copper-molybdenum project in Chile.
The total cost of the mine is estimated at 2.8 billion and production is scheduled to start in 2014. Sumitomo has a 45% stake in the joint venture; Quadra FNX has 55%. Sierra Gorda is a copper exploration project located in the Atacama Desert, Region II of Chile. According to Quadra FNX's recently completed feasibility study, the production from current sulphide reserves will average 483 M lbs of copper, 25 million lbs of molybdenum, and 64 kozs of gold per annum over a 20-year mine life.
Japanese steel firms Nippon Steel and Sumitomo Metals are likely to retain Tata Steel as partner for India, post their proposed merger. Nippon Steel has a tie-up with Tatas and Sumitomo Metals has a partnership with Bhushan Steel. Industry sources said that the new entity, formed out of Nippon-Sumitomo's existing businesses, will keep only one firm as its India ally and the balance is tilted towards Nippon's long-standing partner Tata Steel rather than Sumitomo Metals' Bhushan Steel, which has a marketing and technology tie-up with the Japanese firm.
Sumitomo Metal Mining Co. and Sumitomo Corp. said Thursday that test drilling has confirmed deposits of gold, silver and antimony at their jointly held Monte Cristo mine in Alaska.
A four-day-old strike has paralyzed Bolivia's San Cristobal mine, which produces silver, zinc and lead and accounts for about half the country's mining exports, the government said on Monday.
San Cristobal is the world's third-largest producer of silver and the sixth-largest producer of zinc, according to Japan's Sumitomo Corp (8053.T: Quote), which fully owns the mine.
Nippon Steel & Sumitomo Metal Industries Ltd submit draft merger proposal Tokyo (Reuters) – Nippon Steel Corp, the world's fourth-biggest steelmaker, and Sumitomo Metal Industries Ltd submitted a draft proposal for their planned merger to Japan's
Sumitomo Metal Industries Ltd Japan's third-biggest steelmaker, said it had no plan to declare force majeure on input deliveries. The company has suspended operations of the two giant blast furnaces at its mainstay Kashima plant in Ibaraki prefecture after the quake and tsunami.
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