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Sumitomo Metal Mining, the owner of Minera San Cristóbal – the largest mining deposit in Bolivia – sold 45% of its stake in the Sierra Gorda copper mine, in Chile, in an operation that exceeded $ 2 billion.
“Australian miner South32 agreed to buy a 45% stake in Chile’s Sierra Gorda copper mine, in a deal worth up to $ 2.05 billion, from Sumitomo Metal Mining and Japan-based Sumitomo Corporation,” it confirmed. the portal specialized in the area Mining Technology.
Less than a month ago, a consortium of Bolivian businessmen announced the purchase of Minera San Cristóbal from the Japanese company, a sale that was not confirmed by Sumitomo, which continues with open-pit mining in the Potosí deposit.
You can also read: Sumitomo “has not made any decision” on the sale of San Cristóbal
South32 will pay $ 1.55 billion upfront in cash, along with additional price consideration of up to $ 500 million to be paid during 2022 and 2025, at threshold copper production rates and prices, Mining Technology reported.
“We are actively reshaping our portfolio for a low carbon world and acquiring a stake in Sierra Gorda will increase our exposure to the raw materials important to that transition,” stated South32 CEO Graham Kerr.
In the case of San Cristóbal, Sumitomo Corporation announced on Monday, October 25, that “it has not made any decision” on the sale of its shares in Minera San Cristóbal (MSC), as announced by the consortium led by Unagro.
