For substantive change to take hold at the company, long-term directors who have presided over value destruction and overseen technical failures of prior mine plans need to be replaced.
It may even allow foreign investors to hold majority stakes in local operations on condition that part of their output is reserved for domestic downstream industries.
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.