For Enami, the agreement is part of its financial stabilisation plan. Credit: Codelco.

Chilean state-owned copper mining company Codelco has bought a 10% stake in the Quebrada Blanca mine in northern Chile from the National Mining Company (Enami).

The transaction, valued at $520m (490.24bn pesos), was unanimously agreed upon by Codelco’s board of directors and reported to the CMF.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It aligns with Enami’s financial stabilisation plan.

The deal involves an immediate payment of $182m, with the balance to be paid within 120 days, subject to the completion of certain milestones.

It was facilitated by financial advisors from Banchile Asesoría Financiera for Codelco and BTG Pactual for Enami.

The deal grants Codelco preferential dividends and the right to appoint two directors to the company’s board, ensuring a non-dilutive 10% stake in case of capital increases.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Codelco board chairman Máximo Pacheco said: “Our strategy of developing and strengthening the company through partnerships will allow us to strengthen our position in the copper and lithium markets and, thereby, increase the value that Codelco contributes to the country.

“Along these lines, it is very positive that an asset of this value remains in the hands of the State.”

Quebrada Blanca, with an estimated ten billion tonnes (t) at a grade of 0.38% copper, is expected to become one of the top 20 copper-producing operations globally and the sixth-largest in Chile by 2023.

The 10% stake is projected to contribute between 25,000t and 30,000t of fine copper annually to Codelco’s output.

Pacheco added: “We continue to make progress in positioning Codelco as a world leader in critical minerals and as Chile’s mining holding company, with greater access to large assets, lower risk and diversifying opportunities.”