Sumitomo Corp. (SSUMY.PK) and Sumitomo Metal Mining (SMMYY.OB) agree to participate in a $1.7B...

|About: Sumitomo Corp. ADR (SSUMY)|By:, SA News Editor

Sumitomo Corp. (SSUMY.PK) and Sumitomo Metal Mining (SMMYY.OB) agree to participate in a $1.7B expansion at Freeport McMoRan's (FCX) Morenci mine in Arizona to increase copper production by 43% to 400K metric tons. The Japanese companies' share in the increase will be 15%, same as their equity stake in the mine; they will bear $260M of the costs of the increase.