Sumitomo's Investment in QB2 on Favourable Terms for Teck
Sumitomo’s decision to partly fund the Quebrada Blanca 2 copper project is a modest net positive for Teck Resources. Sumitomo will inject USD 1.2 billion of equity into the QB2 joint venture to earn 30%, diluting Teck’s interest to 60% from 90%. Total QB2 capital expenditure is estimated at about USD 5.1 billion, with Teck and Sumitomo financing the balance on a two-thirds/one-third basis. On a 100% basis, the mine should produce nearly 250,000 tonnes of copper a year at a cash cost of about USD...Teck Resources is engaged in mining and related activities including exploration, development, processing, smelting and refining. Co.'s major products are steelmaking coal, copper and zinc. Co. also produces precious metals, lead, molybdenum, electrical power, fertilizers and other metals. Co. also owns an interest in certain oil sands leases and have partnership interests in an oil sands development project and wind power project.
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