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Mining News July 10, 2024 07:00:59 PM

CODELCO to Buy Stake in Quebrada Blanca Copper Mine

Paul Ploumis
ScrapMonster Author
Emani had recorded losses of approximately $200 million during the previous year, more than double the losses of $78 million recorded in 2022.

CODELCO to Buy Stake in Quebrada Blanca Copper Mine

SEATTLE (Scrap Monster): Chile’s state-owned copper miner Codelco announced plans to buy minority stake in Teck’s Quebrada Blanca copper mine, currently held by Enami- the state-controlled Ecuadorian mining company. The 10% stake will be acquired through a deal worth around $500 million, the company press release said.

According to local media reports, the transaction is likely to be beneficial for both the companies. It will help Codelco to add a massive and long-life copper asset to its portfolio. The proceeds from the transaction will help Enami to partly fund its planned new smelter, in addition to delivering notable improvement to its balance sheet.

RELATED NEWS:

Codelco Missed Copper Production Target in May

Chile Copper Output Edged Down in March, Dragged by Codelco

The minority stake, currently held by Emani, is unique in the sense that it is non-dilutable, which essentially means that the state-owned miner will be eligible to retain its ownership even if the other shareholders subscribe to capital increases.

Emani had recorded losses of approximately $200 million during the previous year, more than double the losses of $78 million recorded in 2022. The company has been facing financial setbacks, due to ongoing halt in operations at its Paipote smelter in the northern province of Atacama on account of pending renovations.

The Quebrada Blanca copper mine is located in northern Chile, nearly 1,500 kilometres from the capital city of Santiago.

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