Teck's QB mine in Chile
SANTIAGO - Chilean mining giant Codelco is seeking to buy a 10% stake in the Quebrada Blanca copper mine from state-owned Enami for about $500-million, local newspaper La Tercera reported on Tuesday.
State-run Codelco, the world's largest copper producer, has commissioned an investment bank to value Enami's stake in the project, which is controlled by Canada's Teck, the Chilean newspaper added.
Enami declined "to provide information on the matter because it is under a confidentiality clause," according to the report.
Enami has a preferred stake in Quebrada Blanca, located north of the Andean country, and is not required to finance capital expenditures.
In its financial statements at the end of 2023, the state-run firmvalued its stake in the Teck project at $323.8-million.
The company, which serves as a hub for small and medium mining projects in the country, is currently in a complicated financial situation, with its Paipote smelter in the northern province of Atacama sitting idle pending renovations.
Enami and Codelco declined to comment. Both firms are also charged with leading an increase in state control over the lithium industry, a key metal for electric car batteries.