Vancouver-based miner Teck Resources has completed a $1.2bn deal which will give Japan's Sumitomo Metal Mining and Sumitomo Corporation a 30% indirect interest in its Quebrada Blanca copper project. The Chilean mine was green-lit for a $4.7bn expansion in August 2018, which will extend its life by 28 years, to at least 2047, and boost daily capacity to 135,000 tonnes of ore. The Canadian company had been seeking a partner to share the costs of the phase two work, which led to the Sumitomo deal.
Vancouver-based miner Teck Resources has completed a $1.2bn deal which will give Japan's Sumitomo Metal Mining and Sumitomo Corporation a 30% indirect interest in its Quebrada Blanca copper project. The Chilean mine was green-lit for a $4.7bn expansion in August 2018, which will extend its life by 28 years, to at least 2047, and boost daily capacity to 135,000 mt of ore. The Canadian company had been seeking a partner to share the costs of the phase two work, which led to the Sumitomo deal.