Fresh off spending $1 billion to boost its stake in the massive Morenci copper mine in Arizona from 15% to 28%, Sumitomo President Yoshiaki Nakazato has turned his attention to gold.
For the investor, it all suggests positioning in companies that are set up to be on the receiving end of a Sumitomo cheque.
It is impossible to know what the Japanese major will do, but it is possible to trace where its money is already going. And it turns out Sumitomo currently only has one joint venture with an exploration company.
That company is Viscount Mining Corp. (TSXV: VML). Viscount’s flagship asset is the Cherry Creek project in Nevada.
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