HOUSTON (ICIS)--Sumitomo Metal Mining and Sumitomo Corporation have agreed to take on an indirect 30% interest in the Chilean Quebrada Blanca copper mine. The companies will acquire the Quebrada Blanca (QB2) shares from Canadian company Teck Resources, which currently owns 90% of the project. Among other conditions, there will be a $1.2bn contribution for the 30% of shares that will be a combination of earn-in and matching contribution. Teck estimated the total value of the deal to be near $3bn.
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