Teck Resources Limited (“Teck”) announced on April 1, 2019, the e-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 was advised on this transaction by a team of Fasken lawyers that included Georald Ingborg, Johanna Fipke, Ron Ezekiel, and Sarah Martin.
