Sumitomo Metal Mining and Sumitomo Corporation announced on Thursday they started joint venture activity to develop Sierra Gorda copper mine in Chile after they completed procedure on contract with the partner, Quadra FNX Mining in Canada. The joint venture will start operation in 2014 to make copper concentrate at averaged annual 220,000 tonnes of copper in 20 years.
Chilean investment company established by Sumitomo Metal Mining and Sumitomo Corporation acquired 45% shares in the project owner company, Sierra Gorda. Japanese firms sent 4 engineers to the project and plan to send other professionals for the development. The project will produce yearly around 120,000 tonnes copper for 3 years from 2014. The production will increase to 236,000 tonnes in 2017 through the mine life.Japan Steel Scrap Composite Prices (Sangyo Press)
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