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Quadra FNX Completes Joint Venture With Sumitomo for Development of Sierra Gorda
Publié le 14 septembre 2011
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Re: News Release - Wednesday, September 14, 2011
Quadra FNX Completes Joint Venture With Sumitomo for Development
of Sierra Gorda
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Vancouver, Canada - September 14, 2011 - Quadra FNX Mining Ltd. (the
"Company" or "Quadra FNX") (TSX: QUX) is pleased to announce that
Quadra FNX with Sumitomo Metal Mining Co., Ltd and Sumitomo Corporation
(collectively "Sumitomo") have completed the formation of the
previously announced Joint Venture to develop the Sierra Gorda
copper-molybdenum project in Chile (see Press Release: May 16, 2011).
Going forward Quadra FNX, with 55% of the Joint Venture and Sumitomo
with the remaining 45%, will conduct activities through Sierra Gorda
SCM ("SGJV"), a subsidiary of Quadra FNX and the existing owner of
Sierra Gorda.
Upon closing Sumitomo made the first cash contribution of $360 million
to SGJV as part of its initial $724 million funding obligation and
Quadra FNX was reimbursed $167 million for amounts advanced by it to
SGJV from May 2011 to closing. Quadra FNX now has a cash balance of
approximately $1.1 billion, excluding its 55% share of cash in SGJV.
Paul Blythe, President & CEO comments, "Our Sierra Gorda project is a
long-life asset that is transformational to Quadra FNX and this Joint
Venture provides both the capital and a partner that has a long history
of industry experience. We look forward to a successful relationship
with Sumitomo."
About Quadra FNX Mining Ltd. (TSX: QUX)
Quadra FNX Mining Ltd. is a leading mid-tier copper mining company with
corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX
produces copper, nickel and precious metals from its operating mines:
Robinson in Nevada, Carlota in Arizona, Franke in northern Chile, and
McCreedy West, Levack, which includes Morrison, and Podolsky in
Sudbury, Ontario. The Company has two key development projects,
including the Sierra Gorda copper-molybdenum project in Chile, and the
Victoria project, an advanced exploration project in Sudbury. Quadra
FNX employs approximately 2,500 people in North and South America.
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Media and Investor Relations Contact:
Derek White
Executive Vice President, Corporate Development
(604)-699-3063
Nawojka Wachowiak
Vice President, Investor Relations
(416) 985-8317
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Copyright (c) 2011 QUADRAFNX MINING LTD. (QUA) All rights reserved.
For more information visit our website at http://www.quadrafnx.com/ or
send mailto:info@quadrafnx.com
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