Codelco said it will maintain the share rights previously held by Enami, which is also a state-run mining company. These rights include preferential dividends, protection from dilution in future capital increases, and the ability to appoint two of the eleven board members.
“Our strategy of developing and strengthening the company through partnerships will enhance our position in the copper and lithium markets and, in turn, increase the value that Codelco contributes to the country. In this same line, it is very positive that an asset of this value remains in the hands of the state,” Codelco chairman Máximo Pacheco said in a news release.
Enami valued its stake in the mine at $323.8 million last year. In a statement regarding the sale to Codelco, it said the deal will help reduce Enami’s debt from $740 million to $250 million.
Quebrada Blanca is located in northern Chile at an elevation of 4,400 metres, about 240 km…
