The first foreign investment of Poland’s giant KGHM is getting underway, after its acquisition of Quadra FMX, the Sierra Gorda company received USD 1bn in financing for the construction of a copper mine in Chile. KGHM closed the deal for Quadra just a few days ago, but it’s already announced a joint venture with the Japanese company Sumitomo, established to carry out this USD 3bn investment. The Polish monopolist owes 55 percent of Sierra and it says it will lay out USD 84m for the construction. Sumitomo holds a 45 percent share and has pledged to contribute USD 764m. KGHM hopes Sierra will prove to be the largest new copper and molybdenum deposits in the world.
