Codelco and Pucobre Seal US$870 Million Tovaku Copper Alliance
Chile's state copper giant Codelco and mid-tier miner Pucobre have formed Minera Puntilla to develop the US$870 million Tovaku project in the Antofagasta Region. The open-pit operation targets average output of 46,000 tonnes of copper cathodes a year starting in 2030. It is the first public-private venture sealed under chairman Bernardo Fontaine. The post Codelco and Pucobre Seal US$870 Million…
Chilean state copper producer Codelco and Sociedad Punta del Cobre (Pucobre) have formed a joint venture to develop the Tovaku copper project in Antofagasta Region. The US$870 million open-pit venture aims to commence production by 2030. Pucobre will hold 60% of the new company Minera Puntilla SA, while Codelco owns 40%. The project comprises an estimated 633 million tonnes of reserves and a planned mine life of 21 years, with an average annual output of 46,000 tonnes of high-purity copper cathodes.
Tovaku's shallow mineralization, low acid consumption, and use of untreated seawater make it an efficient operation with minimal water resource pressure. The project will be equipped with a 27km transmission line and a 193 MW photovoltaic solar park. This is Codelco's first joint venture since Chairman Bernardo Fontaine took over.
The alliance relies on Pucobre's financing and studies, allowing Codelco to participate without capital contributions. Construction is contingent on obtaining environmental approvals and securing financing. The deal coincides with record copper prices and Chile's economy stagnation, offering a case study on shared-risk structures for project execution.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
