- Mining companies and commodities trading houses are expected to make first-round offers by a Sep. 28 deadline for a 30%-40% stake in Teck Resources' (TECK +1%) Quebrada Blanca copper mine expansion in Chile, Reuters reports.
- Initial offers are expected from Japanese trading houses Mitsubishi and Sumitomo, and mining companies including Freeport McMoRan (NYSE:FCX), Chinalco (NYSE:ACH) and Lundin Mining (OTCPK:LUNMF) have shown interest, according to the report.
- Interest in the mine is expected to be strong, reflecting lower exploration investment and rising demand for copper due to the expansion of electricity grids and growing electric vehicles market.
- Teck's expansion plan won regulatory approval in August and is expected to extend the aging deposit’s life by 25 years and boost production to 300K metric tons/year of copper from just 23.4K metric tons in 2017.
- Now read: Deep Value At Freeport-McMoRan
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