Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Comey to be arraigned in federal court after...
Comey pleads not guilty in court after indictment...
Houthi rebels test US ceasefire with deadly strike...
Kushner joins Witkoff for Gaza ceasefire talks as...
Cuomo rips Mamdani’s freebie ‘fantasy,’ says AOC proved...
White House escalates shutdown consequences as Democrats show...
Moderate Dem undercuts Jeffries on ObamaCare compromise as...
MIKE DAVIS: The Supreme Court betrayed again —...
Senate Democrats defy White House warnings, again block...
Greta Thunberg slammed for using image of starved...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Codelco Makes US$500 Million Bid for 10 Percent Stake in Quebrada Blanca Mine

by admin September 5, 2024
September 5, 2024
Codelco Makes US$500 Million Bid for 10 Percent Stake in Quebrada Blanca Mine

Chilean state-run copper giant Codelco has made a US$500 million bid to acquire a 10 percent stake in the Quebrada Blanca mine, operated by Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK).

According to a Tuesday (September 3) Bloomberg report, the offer, directed to fellow state entity Empresa Nacional de Minería (Enami), is currently under consideration by Enami’s board. The move is part of Codelco’s strategy to sustain its position as the world’s leading copper supplier amid declining production levels.

Enami’s stake in Quebrada Blanca represents a carried interest, meaning it is not responsible for the mine’s capital expenditures. The sale, if approved, would provide Enami with funds to address financial challenges.

The company has faced consistent losses in recent years due to its role in processing minerals for small-scale miners in Chile. The infusion of US$500 million could help reduce its debt burden while limiting the necessity for public funding.

Quebrada Blanca, located in Northern Chile, is a significant copper mine that is primarily owned by Teck Resources (60 percent), with Japan’s Sumitomo Metal Mining (TSE:5713) holding a 30 percent interest.

As mentioned, acquiring Enami’s stake in Quebrada Blanca would help Codelco stabilize its copper production, which dropped to its lowest level in 25 years in 2023. It would also help the company retain its title as the world’s top producer.

However, the proposed purchase is not without obstacles. The Chilean National Mining Society (Sonami), which holds a position on Enami’s 10 member board, has voiced concerns about the process.

Sonami believes any sale of the Quebrada Blanca stake should be conducted via an open and competitive bidding process, not a direct transaction with Codelco — potentially delaying or complicating the approval process for the bid.

Regardless, the move comes at a critical time for Chile, as the nation faces challenges in maintaining its status as the top global copper producer. Declining ore grades, aging infrastructure and competition from other copper-producing countries have all combined to put pressure on the state’s output.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Tim Drilling Program Completed; Crews Mobilizing to Haldane Project
next post
Former presidential candidate Nikki Haley lands new job

You may also like

Silver Price 2024 Year-End Review

December 18, 2024

MAC President Calls for Renewed Investment, Streamlined Approvals...

September 24, 2024

Initial Exploration Program Completed at Cosmo Gold Project

April 29, 2025

Red Metal Resources Acquires 100% Interest in Three...

December 3, 2024

Seymour Lithium Project Achieves Permitting Milestone

August 12, 2025

Gold Price Breaks US$3,800 as US Government Shutdown...

September 29, 2025

TNC Advances Mining and Processing Activities at Cloncurry...

October 14, 2024

5 Silver Stocks With Dividends

July 10, 2025

Blue Lagoon Announces Commissioning of MBBR Water Treatment...

September 15, 2025

Hempalta

December 12, 2024

Recent Posts

  • Comey to be arraigned in federal court after being indicted for alleged false statements, obstruction
  • Comey pleads not guilty in court after indictment on alleged false statements, obstruction
  • Houthi rebels test US ceasefire with deadly strike on cargo ship
  • Kushner joins Witkoff for Gaza ceasefire talks as Trump pushes peace plan: ‘Cautiously optimistic’
  • Cuomo rips Mamdani’s freebie ‘fantasy,’ says AOC proved socialism fails after killing NYC Amazon deal

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (936)
    • Investing (3,147)
    • Politics (3,845)
    • Stock (4)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 Sightful Invest. All Rights Reserved.