Chile’s state-run miner Codelco on Tuesday made a $500 million offer to buy a 10% stake in the Quebrada Blanca copper mine, controlled by Canada’s Teck Resources, from Enami, another Chilean state miner.
Quebrada Blanca’s expansion – QB2 – is ramping up with a target set by Teck of 285,000 – 315,000 tonnes of annual production by 2026. QB2 reached production of 51,300 tonnes in the second quarter this year, up more than 18% from Q1.
Teck owns an indirect 60% interest in Compañía Minera Teck Quebrada Blanca SA, the owner of QB2. Sumitomo Metal Mining owns 30%, while Enami’s interest in the mine is non-funding. Last year Codelco’s output fell to its lowest lowest level in a quarter century at 1.32 million tonnes.
For the rest of this article: https://www.mining.com/chart-codelcos-qb-stake-may-not-be-enough-to-stop-bhp-taking-copper-crown/