Codelco Eyes $500M Stake in Quebrada Blanca Mine to Safeguard Top Copper Producer Spot

Publicado: Sep 5, 2024 09:35
According to SMM, Chile's state-owned Codelco, seeking to retain its position as the world's largest copper supplier, has proposed to acquire a stake in the Quebrada Blanca copper mine operated by Teck Resources for US$500 million. Market sources indicate that a proposal to acquire a 10% stake in the Quebrada Blanca copper mine from Chile's state-owned Enami has been submitted to the latter's board of directors. This sale will help reduce Enami's debt, which has accumulated due to years of losses incurred from processing minerals for small Chilean miners, while minimizing the need for new public funding. Codelco's copper production in 2023 fell to its lowest level in 25 years, and if it succeeds in acquiring this stake, it may be enough to prevent BHP from overtaking Codelco as the world's largest copper producer.

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