$2.5bn secured for Teck and Sumitomo's QB2
Canadian diversified miner Teck Resources has secured a $2.5-billion financing facility to fund the development of the Quebrada Blanca Phase 2 (QB2) project, in Chile.
Compañia Minera Teck Quebrada Blanca (QBSA), which holds the QB2 project and will be the borrower under the financing, is indirectly owned 60% by Teck, 25% by Sumitomo Metal Mining (SMM), 5% by Sumitomo (SC), and 10% by Empresa Nacional de Mineria.
The $2.5-billion project finance loans will be provided directly, or guaranteed, by the Japan Bank for International Cooperation, Export Development Canada, Export-Import Bank of Korea, German Government for the Untied Loan Guarantee Program, KFW IPEX-Bank, Bank of Montreal, BNP Paribas, ING Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation.
Teck, SMM, and SC will guarantee QBSA’s obligations under the 12-year facility on a several basis until project construction is complete.
The financing is anticipated to close before the end of the third quarter and first borrowing under the facility will only be required by late 2019.
The QB2 project has a 28-year mine life and includes 199-million tonnes of inferred resources within the life-of-mine (LoM) plan.
QB2 will produce 316 400 t/y of copper equivalent in the first five years of its 28-year mine life at an all-in sustaining cost of $1.38/lb and a C1 cash cost of $1.28/lb payable copper. The average LoM production is estimated to be 278 500 t/y of copper equivalent.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
