Powered by

MINING REPORTER : Teck sells stake in Chilean copper project to Japan's Sumitomo for US$1.2-billion

Dec 05, 2018 - The Globe and Mail (Canada)

Teck Resources Ltd. is selling a stake in a large Chilean copper project for US$1.2-billion to a Japanese mining company in a deal that will see Canada's biggest diversified miner proceed with a major expansion of its copper business.

On Tuesday, Vancouver-based Teck said its board had approved the US$4.7-billion construction of Quebrada Blanca Phase 2 (QB2) after selling a 30-per-cent share in the project to Sumitomo Metal Mining and Sumitomo Corp.

Teck will put the proceeds raised ...