The expansion of the mine, which will require an estimated investment of $4.7 billion, is set to start producing in 2021 and could double Teck’s copper business.
Sumitomo Metal Mining and Sumitomo Corp. will pay $800 million earn-in contribution and $400 million matching contribution for a third of Teck's 90% interest in Quebrada Blanca mine.
Relief that an escalation in the trade war between the US and China has been avoided – at least for now – sparked a huge rally in mining stocks on Monday.
The premiums, paid on top of benchmark three-month London Metal Exchange (LME) prices, fell 10.7% from Friday's levels to $62.50 a tonne, the lowest since June 2017.
The macro picture may have brightened just a little after the weekend meeting of the U.S. and Chinese presidents, but signs the global economy is losing momentum, do not bode well for metals demand.
The support ship will be used at the company's Solwara 1 gold, copper and silver project, off the coast of Papua Guinea, set to be the world’s first commercial deep-sea mine.
