Chile’s Codelco prepares to sign copper deal with Ecuador’s Enami EP

By Daniel Brightmore
Chile’s Codelco, the world’s biggest copper producer, is set to agree a long-awaited deal with Ecuador’s Enami EP to develop the Llurimagua copper...

Chile’s Codelco, the world’s biggest copper producer, is set to agree a long-awaited deal with Ecuador’s Enami EP to develop the Llurimagua copper project.

Codelco and Enami began working on the jointly-owned copper project, located in the Imbabura Province 80 km northeast of Ecuador's capital, Quito, back in 2015. In the advanced exploration stage, the 982-million-tonne site would become the first mine Codelco operates abroad. 

According to reports from local newspaper La Tercera, Chile’s mining minister Baldo Prokurica has stated: "We are in the final stages and we hope that with the visit of the Ecuadorian president to Chile, he will be part of the signing of the agreements.”

Related stories:

Codelco moves forward with CEO on digital transformation plan

Chile mining sector to see $60 billion in investment over next decade

Newcrest executes latest share grab in Ecuador miner SolGold

Read the latest issue of Mining Global here

Ecuador's state-owned miner Enami EP owns a 51% stake in Llurimagua and Codelco 49%. The project has faced continued resistance from local communities due to environmental concerns.

However, Ecuador is being courted by copper prospectors as the Andian country aims to more than double the value of mining to its economy by 2021. It expects mining exports to rise over the next two years to $3.66 billion, up from $270m in 2018.

Ecuador’s Deputy Mining Minister Fernando Benalcazar has stated: “Ecuador’s economic future is based in mining. We’re not a potential destination anymore, we’re the country where any large-scale mining company needs to be."

Share

Featured Articles

China increases copper import pace, following price plummet

In August, China reached a 26% rise - representing a 100,000+ tonne increase - in copper imports year-on-year, largely driven by product price drops

Ford criticises “inefficient” government mining permissions

In a letter to the US Department of the Interior, the car giant Ford has asked the American government to speed up its current mining permission process

Aggreko and Labyrinth Resources’ sustainable power project

Labyrinth Resources has been working with Aggreko to complete a virtual pipeline power project, which is designed to aid the sustainable energy transition

Despite regional ban, crypto miner Canaan doubles profits

Digital Mining

The future of all-electric sustainable mining technologies

Sustainability

Anglo American first half earnings decline 28 percent

Supply Chain & Operations