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.
Sumitomo Metal Mining Mining News
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.