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Quadra FNX Mining receives antitrust approval for Sierra Gorda

Quadra FNX Mining Ltd. and joint venture partner Sumitomo Corp. have received anti-trust approval from China's Ministry of Commerce to develop the Sierra Gorda joint venture in Chile.

The approval was the final condition attached to the joint venture agreement.

With the approvals in place, the joint venture for the copper-molybdenum project is expected to close Sept. 14.

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Quadra will own 55 per cent, while Sumitomo will own the remainder.

Quadra will receive reimbursement of construction and other costs recorded since May 1.

Construction of support facilities has begun, with heavy equipment arriving in September, the company said.

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