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Viewing cable 06LAPAZ2623, JAPAN'S SUMITOMO ACQUIRES STAKE IN U.S. MINING

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Reference ID Created Released Classification Origin
06LAPAZ2623 2006-09-28 18:56 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy La Paz
VZCZCXYZ0000
RR RUEHWEB

DE RUEHLP #2623 2711856
ZNR UUUUU ZZH
R 281856Z SEP 06
FM AMEMBASSY LA PAZ
TO RUEHC/SECSTATE WASHDC 0719
INFO RUEHAC/AMEMBASSY ASUNCION 6135
RUEHBO/AMEMBASSY BOGOTA 3452
RUEHBR/AMEMBASSY BRASILIA 7310
RUEHBU/AMEMBASSY BUENOS AIRES 4572
RUEHCV/AMEMBASSY CARACAS 1829
RUEHPE/AMEMBASSY LIMA 1869
RUEHMD/AMEMBASSY MADRID 3141
RUEHME/AMEMBASSY MEXICO 1798
RUEHMN/AMEMBASSY MONTEVIDEO 4043
RUEHQT/AMEMBASSY QUITO 4465
RUEHSG/AMEMBASSY SANTIAGO 9039
RUEHKO/AMEMBASSY TOKYO 0251
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
RHEHNSC/NSC WASHINGTON DC
UNCLAS LA PAZ 002623 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR WHA/AND LPETRONI 
COMMERCE FOR JANGLIN 
TREASURY FOR SGOOCH 
 
E.O. 12958: N/A 
TAGS: EMIN EINV ECON BL
SUBJECT: JAPAN'S SUMITOMO ACQUIRES STAKE IN U.S. MINING 
COMPANY 
 
REF: LA PAZ 2046 
 
1. (U) Summary: Japan's Sumitomo Corporation recently 
acquired a 35 percent participating interest in U.S.-based 
Apex Silver's $800 million San Cristobal silver-zinc-lead 
project (reftel).  Apex will receive $224 million cash and 
future silver and zinc payments; Sumitomo will also assume 35 
percent of San Cristobal's project financing and derivative 
liabilities.  Company representatives told the Charge 
September 27 that they expected attractive returns, despite 
the risks of investing in a politically and economically 
volatile country.  End summary. 
 
2. (U) Japan's Sumitomo Corporation, a significant player in 
the global mining industry, recently acquired a 35 percent 
participating interest in U.S.-based Apex Silver's $800 
million San Cristobal open pit silver-zinc-lead project 
(reftel).  The September 25 agreement also gave Sumitomo a 
two-year option to purchase 35 percent shares in selected 
Apex Silver exploration projects in Bolivia, Peru, Mexico, 
and Argentina. 
 
3. (U) In return, Apex will receive $224 million cash; 
deferred silver payments of 22.86 percent of Sumitomo's share 
of San Cristobal's future payable silver production; and 
deferred zinc payments of 20 percent of Sumitomo's share of 
the project's future payable zinc production.  Sumitomo will 
also assume 35 percent of San Cristobal's $225 million 
project financing and $130 million derivative liabilities. 
 
4. (SBU) Sumitomo representatives told the Charge September 
27 that they were "very excited" about the investment and its 
potential returns, noting that San Cristobal's size and ore 
quality made it an attractive project.  They noted only two 
problems: (1) the project is in a politically and 
economically unstable country and (2) record-high mineral 
prices will inevitably fall, perhaps before the firms extract 
the bulk of the project's reserves.  Company representatives 
declared, however, that they could manage both risks. 
 
5. (SBU) According to Apex Silver executives, the project is 
now fully financed and on track to begin production in the 
third quarter of 2007.  From a technical standpoint, 
construction has proceeded relatively smoothly; problems have 
resulted primarily from road blockades (and related 
logistical delays) and demands from local communities for 
more jobs and higher pay.  Apex Executive Vice President Alan 
Edwards said the company attempted to meet those demands, 
even hiring a local trucker's association to move 
construction materials when rail transport would have been 
cheaper.  Unfortunately, Edwards noted, the company's efforts 
occasionally backfire: the truckers went on strike their 
first day, backing down only after negotiations. 
 
6. (SBU) Comment: Both firms expect attractive returns, 
despite the risks of investing in a politically and 
economically volatile country.  Executives take comfort in 
assurances from Minister of the Presidency Juan Ramon 
Quintana and other officials that the GOB will not 
nationalize the mining industry, but the government's future 
course is far from clear - and with record-high mineral 
prices boosting companies' returns, the GOB may find it hard 
to resist the temptation to tinker with existing tax and 
royalty structures to raise the state's share of profits. 
End comment. 
URS