Sumitomo Corp to acquire 30% stake in Quebrada Blanca copper mine expansion from Teck Resources Ltd for $1.2bn

Sumitomo Corp and Sumitomo Metal Mining reached an agreement to acquire 30% stake in Quebrada Blanca copper mine expansion from Teck Resources Ltd for $1.2bn. Deal values copper mine expansion at $40bn. Once the deal is completed, Teck will own 60 percent of the Quebrada Blanca project and Chilean state agency ENAMI will hold the remaining 10 percent. “This partnership significantly de-risks Teck’s investment in the project, enhances our project economics and preserves our ability to continue to return capital to shareholders and reduce bonds currently outstanding,” said Teck’s Chief Executive, Don Lindsay.