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Teck sells stake in Quebrada Blanca copper project to Sumitomo for $1.2B

Published 12/04/2018, 07:14 AM
© Reuters.  Teck sells stake in Quebrada Blanca copper project to Sumitomo for $1.2B
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  • Teck Resources (NYSE:TECK) agrees to sell a 30% stake in its Quebrada Blanca copper mine expansion in Chile to Sumitomo (OTCPK:SSUMF, SMMYY]]) for $1.2B.
  • Sumitomo will pay an $800M earn-in contribution and $400M matching contribution, below the $2B Teck had targeted to help the phase 2 development of the mine.
  • The expansion plan, which won regulatory approval in August, is expected to extend the deposit’s life by 25 years and raise copper production to 300K metric tons/year from just 23.4K metric tons in 2017.
  • Sumitomo reportedly had competed with Mitsubishi, Rio Tinto (NYSE:RIO) and others looking to boost their copper assets.
  • Now read: Teck Resources (TECK) Presents At Goldman Sachs (NYSE:GS) Global Metals & Mining Conference - Slideshow


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