Codelco Acquires 10% Stake in Quebrada Blanca Copper Mine in Chile

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Codelco (Santiago, Chile) and Enami (Copiapo, Chile) closed a transaction involving one of the world's largest copper mines.

Codelco closed a deal to acquire Enami's 10% stake in the Quebrada Blanca copper mine in Chile. The agreement between the state companies includes payment of US$520 million, with the first disbursement amounting to US$182 million. According to Codelco's statement, the remaining amount will be paid in the next 120 days.

The transaction was conducted with an assessment from Banchile Asesoria Financiera and BTG Pactual.

The Quebrada Blanca mine is located in the Tarapaca region in the north of Chile. Teck Resources Limited (Vancouver, British Columbia) owns a 60% stake, followed by Sumitomo Metal Mining Company (Tokyo, Japan) and Sumitomo Corporation (Tokyo) with 30%, and Enami holds the remaining 10%, which now will be owned by Codelco.

The copper mine reached its new operational phase by the end of 2023, when the Quebrada Blanca Phase II project was completed, leading to a considerable output increase.

Based on information from Cochilco, Quebrada Blanca produced 64,300 metric tons of copper throughout 2023 compared to 94,600 metric tons in the first half of this year.

Through this acquisition, Codelco estimates an attributed production between 25,000 metric tons to 30,000 metric tons of copper per year from the Quebrada Blanca mine.

"Our strategy of developing and strengthening the company through partnerships will allow us to strengthen our position in the copper and lithium markets and, thereby, increase the value that Codelco contributes to the country. Along these lines, it is very positive that an asset of this value remains in the hands of the State," said Máximo Pacheco, president of Codelco.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for a profile on the Quebrada Blanca mine.

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