Teck Resources and Sumitomo have closed their $1.2B transaction, giving Sumitomo a 30% indirect interest in the Quebrada Blanca copper project.
Sumitomo Metal Mining 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.
Sumitomo Metal Mining and Sumitomo Corp. will pay $800 million earn-in contribution and $400 million matching contribution for a third of Teck's 90% interest in Quebrada Blanca mine.
The extended plan increases the mine life by two years, raising production to 372,000 oz. gold per year and all-in sustaining costs to US$703 oz. gold per year.
The Australian miner was able to raise almost $1.3 million to help fund the acquisition of its first overseas asset.