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South32 Announces To Acquire a 45% Interest In The Sierra Gorda Copper Mine

14 Oct 2021  |  10:06:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: SOUTH32 TO ACQUIRE A 45% INTEREST IN THE SIERRA GORDA COPPER

South32 announced that it has entered into two binding conditional agreements with Sumitomo Metal Mining and Sumitomo Corporation (collectively Sumitomo) to acquire a 45% interest in the Sierra Gorda copper mine in Chile (Sierra Gorda) via the acquisition of a 45% indirect interest in Sierra Gorda S.C.M. (SGSCM) for an upfront cash consideration of US$1.55bn. The Company has also agreed to provide Sumitomo with a contingent price-linked consideration of up to US$500m, payable at threshold copper production rates and prices in the years 2022-25.

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