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2022-08-08
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Sumitomo Metal Mine of Japan and Sumitomo's shareholding in copper molybdenum mine of Chile

Sumitomo Metal Mine of Japan and Sumitomo's shareholding in copper molybdenum mine of Chile

China Construction Machinery Information

Guide: Sumitomo Metal Mine and Sumitomo announced on the 16th that the two sides will invest about US $724million in the Sierra Gordon large copper molybdenum mine project owned by Canadian mining company Quadra fnx mining in Chile, and obtain 50% of the rights and interests of the mine, Import copper concentrate equivalent to 110000 tons of cathode copper to Japan every year, about

Sumitomo Metal Mine and Sumitomo announced on the 16th that the two sides will spend about $724million on the protection of the host machine. Here, we will not introduce a US $724million stake in the Sierra Gordon large copper molybdenum mine project owned by Canadian mining company Quadra fnx mining in Chile, obtain 50% of the equity of the mine, and import copper concentrate equivalent to 110000 tons of cathode copper to Japan every year, accounting for about 9% of the total imports of Japan

the two companies will set up a joint venture in Chile with a shareholding ratio of 70:30 to subscribe for the directional additional shares issued by Quadra's local subsidiary. It is said that the recoverable reserves of the mine are about 1.3 billion tons and the copper reserves are about 5million tons. It is planned to be put into operation in 2014. During the 20-year mining life, it will produce 730000 tons of copper concentrate and 22000 tons of molybdenum concentrate per year on average. Jinan assay will change the technical requirements of the experimental machine

copper is widely used in products such as wires, household appliances and auto parts, and its price has soared in recent years due to the soaring demand in China. Sumitomo Metal Mine and Sumitomo hope to ensure the stable supply of copper through this move

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