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South32 to take 45% interest in Sierra Gorda copper mine


South32 Limited, the world’s leading manganese mining company, 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 as part of its efforts to reshape its business portfolio, according to its press release on October 14.
The acquisition will be in upfront cashpayment of $1.55billion and a price-linked payout of up to $500 million to Sumitomoover 2022-2052 based on the threshold copper production rates and prices, and once completed, South32 will jointly own Sierra Gorda mine with Poland-listed KGHM Polska Miedz (KGHM), a global copper minerthat


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