Chile's Copec to buy stake in copper project in Peru
SANTIAGO – Chilean industrial conglomerate Empresas Copec said on Monday it had reached an agreement with Peru's Minsur to buy a 40% stake in a holding company that owns a Peruvian copper mine project for $168.5-million.
Minsur will retain 60% ownership in Cumbres Andinas, the company that controls the Mina Justa project, Santiago-based Copec said in a filing with Chile's financial regulator.
Mina Justa, which is expected to require investment of around $1.6-billion, is due to begin construction in the second half of 2018, with production starting in 2020 or 2021, Copec said. It should produce about 100 000 t/y of copper for 18 years, it added.
Copec also operates forestry, energy and other mining firms.
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