Chile’s Codelco is reportedly in discussions with Saudi Arabia about potential joint investments in copper.
Codelco chair Maximo Pacheco emphasised the mutual interest between Codelco and Saudi Arabia in adding value through joint ventures (JVs), according to a report by Reuters.
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Pacheco stated that the company’s production for 2025 is expected to increase by approximately 70,000 tonnes, reaching around 1.4 million tonnes (mt).
“We would be very open to considering joint investment opportunities,” he said after attending the Future Minerals Forum in Saudi Arabia.
Pacheco mentioned his meetings with Saudi mining minister Bandar al-Khorayaf and representatives from Manara Minerals, which is a JV between Saudi Arabian Mining Company and the kingdom’s $925bn Public Investment Fund, the report said.
An announcement from these discussions is anticipated in the coming months.
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By GlobalDataHe also discussed technology transfers, highlighting Saudi Arabia’s expertise in desalination and the potential introduction of technologies such as AI in mining.
While Saudi Arabia has shown interest in Chile’s lithium assets, Codelco is seeking partners for a lithium project in the Maricunga salt flat.
Pacheco noted that Saudi companies are not on the shortlist, with a board vote on the project expected in March.
Codelco is striving to boost production from 25-year lows, overcoming challenges such as declining ore grades and construction mishaps. The company aims to meet its 2024 target of 1.328mt.
Saudi Arabia is actively seeking critical minerals such as copper and lithium to develop its battery and electric vehicle (EV) manufacturing sector, aligning with Crown Prince Mohammed bin Salman’s vision to diversify the economy away from oil.
The country is forming partnerships with foreign miners, including Canada’s Barrick Gold, Brazil’s Vale, and India’s Vedanta Resources, to establish a metals and mining hub.
Manara Minerals, state miner Maaden, and Saudi Arabia’s Ministry of Industry and Mineral Resources have engaged in talks with Zambia, Africa’s second-largest copper producer, for closer collaboration, according to a separate report by Bloomberg.
