SMM11, 15th: Rio Tinto, the world's second-largest miner, is said to be preparing to acquire a minority stake in Teck Resources's Quebrada Blanca copper mine in northern Chile. Canada's largest diversified mining company, approved by regulators in August, expanded the mine by $4.8 billion. The company has been looking for a development partner that could invest $2 billion in up to 30 to 40 per cent of the project. Mitsubishi (Mitsubishi) and Sumitomo (Sumitomo) have been selected as potential bidders in the past. Last year, Quebrada Blanca produced 23400 tons of copper, generating $182 million in revenue.
The Canadian mining company is not the only one looking for copper assets, which it sees as one of the strongest prospects. It is expected that the prosperity of electric vehicles and the demand for renewable energy will increase the demand for metals.
The expected shortage of copper is partly due to increased demand for electricity and electric vehicles.
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