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Teck reports completion of Quebrada Blanca transaction

Published by , Assistant Editor
Global Mining Review,

On Monday this week, Teck Resources Ltd (Teck) announced the closing of the acquisition by Sumitomo Metal Mining Co. (SMM), Ltd. and Sumitomo Corporation (SC) of a 30% indirect interest in Compañia Minera Teck Quebrada Blanca S.A. (QBSA), which owns the Quebrada Blanca Phase 2 (QB2) project.

Following closing of the transaction, Teck holds a 60% indirect interest in QBSA and Empresa Nacional de Minería continues to hold a 10% carried interest. SMM and SC are expected to contribute approximately US$1.3 billion to the QB2 project during 2019.

Teck’s anticipated share of 2019 QB2 capital spending is approximately US$175 million, which has been expended in the first quarter. Assuming closing during 2019 under the US$2.5 billion project financing facility expected to be signed in the second quarter, further cash contributions from Teck to QB2 capital costs are not expected to be required until late 2020.

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