- Write by:
-
Thursday, October 14, 2021 - 14:00:44
-
451 Visit
-
Print
Mining News Pro - Japan’s Sumitomo Metal Mining and Sumitomo Corp agreed to sell their stakes in the Sierra Gorda copper mine in Chile to Australian miner South32 Ltd for around $1.5 billion, the companies said on Thursday.
The Japanese sellers, who together hold a 45% stake, had said last year that they were considering exiting the venture, which they own with Polish state-owned miner KGHM, after years of losses.
Sumitomo Metal Mining said the deal price would include a transfer of around $1.2 billion and copper price-linked payments of up to $350 million.
For South32, the deal would mark an entry into the world’s largest copper-producing country ahead of an expected boom in demand for the metal, used in everything from domestic appliances to electric vehicles.
The deal would be funded by combination of cash and a $1 billion debt facility and is expected to be immediately earnings accretive, the Perth-based company said.
“We are actively reshaping our portfolio for a low carbon world and the acquisition of an interest in Sierra Gorda will increase our exposure to the commodities important to that transition,” South32 Chief Executive Officer Graham Kerr said.
Short Link:
https://www.miningnews.ir/En/News/616818
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
No comments have been posted yet ...