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Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation subscribe for 30% stake in Teck Resources Limited’s Quebrada Blanca Phase 2 project for approximately US$1.2 billion plus contingent payments

Fasken
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Teck Resources Limited

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.

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