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1970-01-01 00:00 
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Mar
9
TORONTO- Vancouver-based Quadra Mining is the latest Canadian company to partner up with a Chinese consumer of its products, in this case utility State Grid Corporation.
The companies plan to create a “strategic joint venture” that will develop and operate Quadra’s Sierra Gorda project and Franke mine, both in Chile, and the Chinese firm will also take a stake of just under 10% in Quadra.
“The strategic joint venture brings together a unique and powerful combination, with State Grid’s financial capacity and position as a major end user of copper in China and Quadra’s skills in acquiring, developing and operating copper producing assets,” Quadra CEO Paul Blythe said.
The transaction, announced to coincide with the Prospectors and Developers Association of Canada annual convention, represents the latest in a growing list of investments by Chinese firms in Canadian-owned mining assets.
Quadra will contribute its two Chilean projects, worth $900-million, and State Grid will contribute capital to earn a 50% interest in the JV.
The partners will each be entitled to their proportionate share of the copper produced by the JV on arm’s length terms.
Quadra will run the day-to-day operations of the joint venture, while State Grid will take the lead in efforts to arrange the necessary project financing for the Sierra Gorda copper/molybdenum project.
The two companies have also agreed that State Grid will buy shares equal to about 9,9% of Quadra, at C$13,91 apiece.
“Quadra’s agreement with State Grid resolves the funding issue for the Sierra Gorda project and allows for development to proceed rapidly once we have the feasibility study and permits in place,” said Blythe.
The construction schedule for Sierra Gorda is currently under development as part of a feasibility study which is due for completion in December, he said.
Construction will likely take around two years.
According to a July scoping study, Sierra Gorda could produce between 250-million and 400-million pounds of copper a year over a 25-year mine life.
Average cash costs were estimated at $0,79/lb, and the project also contains molybdenum, with moly output estimated at some 33-million pounds a year for the first eight years, and declining thereafter.
State Grid Corporation of China is the largest public utility in the world.
The announcement on Monday was of a non-binding memorandum of understanding, but the companies expect to conclude definitive agreements by mid-year, Quadra said.