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Sumitomo buys $1.2bn stake in Teck's Quebrada Blanca

Creamer Media Senior Researcher and Deputy Editor Online
Canadian miner Teck Resources on Tuesday announced that it would proceed with the Quebrada Blanca Phase 2 (QB2) project in Chile, and that Japan’s Sumitomo would be its 30% project partner. Sumitomo Metal Mining Co and Sumitomo Corporation will pay $1.2-billion for a 30% indirect interest in Compañia Minera Teck Quebrada Blanca, which owns the QB2 project, $800-million of which is an earn-in contribution and the balance a matching contribution.

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