Sumitomo Metal Mining : Update on the Forecast Capital Costs of Construction for the Quebrada Blanca Copper Mine

August 8, 2022
Sumitomo Metal Mining Co., Ltd.
Sumitomo Corporation

Sumitomo Metal Mining Co., Ltd. ("SMM") and Sumitomo Corporation ("SC") have announced that, in response to Teck Resources Limited's (headquarters: Vancouver B.C., Canada) Q2 Financial Results released July 26, 2022 which included a revised capital cost forecast for the Quebrada Blanca Phase 2 project ("QB2 Project") of US$6.9 to 7.0 billion based on their forward looking foreign exchange assumptions, SMM and SC have approved its share of an investment of up to approximately US$7.5 billion of construction costs (including price escalation and additional future risk, base exchange rate 775 Chilean pesos/USD) representing an increase from the originally approved US$5.2 billion (US$4.7 billion before price escalation).

Please check the below PDF file for details.

Update on the Forecast Capital Costs of Construction for the Quebrada Blanca Copper Mine