Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Vancouver’s Teck Resources and Japanese partner Sumitomo Metal Mining and Sumitomo Corp. have closed their $1.2-billion transaction giving Sumitomo a 30% indirect interest in the Quebrada Blanca copper project.
The Quebrada Blanca property is 240 km southeast of Iquique at an elevation of 4,400 metres.
IN-DEPTH: Teck chooses Sumitomo to develop Chilean copper project in $1.2B deal
Teck received the final permit to go forward with a $4.7-billion expansion at the mine and mill in August 2018, but it wanted a partner willing to share the costs. The Quebrada Blanca Phase 2 project (QB2) will extend the life of the operation by 28 years – to 2047, maybe even to 2054. The mill capacity will be boosted to 135,000 tonnes of ore per day. First copper production is planned for the second half of 2021.
A unique feature of QB2 is the first large scale use of desalinated water by a mining project to meet all demands of the project in the Tarapac Region.
(This article first appeared in the Canadian Mining Journal)
