China Minmetals
Corporation, and Nacional del Cobre de Chile (Codelco)
announced in Beijing on Wednesday the establishment of a joint
venture with a total investment of US$2 billion to develop Chilean
copper resources.
The first-phase investment in the project involves US$550
million, according to an agreement signed by the two companies.
Codelco will provide, through the joint venture, 836,250 tons of
copper to China Minmetals Non-ferrous Metals Co., Ltd., which is
controlled by China Minmetals, over the next 15 years.
China Minmetals has the right of option to buy, in or around
2009, a 25 percent to 49 percent stake in GABY, a copper mine run
by Codelco.
(Xinhua News Agency February 23, 2006)