December 5, 2018 |
Canada's Teck Resources said it has agreed to sell 30% of the Quebrada Blanca mine expansion project in northern Chile to Japan's Sumitomo for $1.2bn.
Sumitomo will pay $800m upon closing and make $400m in matching contributions as the funds are needed to develop the project, Teck said in a statement. Teck also said that Sumitomo will pay an additional $50m if the expansion project meets a production target of 154,000 tonnes per day by the end of 2025.
The Japanese trading company can also take
Japan's Sumitomo shells out $1.2bn for 30% of the Quebrada Blanca expansion project