29 Apr BHP Billiton in advanced talks to sell Chilean copper mine
BHP Billiton (ASX:BHP) is advancing towards the sale of its Cerro Colorado mine having held talks with a number of potential buyers.
The facility is one of the mining giant’s smaller Chilean copper operations and has been considered surplus to requirements after being put up for sale in February.
Union leader Marcelo Franco said: “[The sale] is already pretty well advanced, but the process could last some months,” before adding that he did not know the identity of the interested parties
However, banking sources have named Chile’s Empresas Copec and Canada’s Lundin Mining Corp as potential buyers.
The mine, located in Chile’s copper-rich North, contributed 74,000 tonnes towards Chile’s total 5.5 million tonnes of produced copper in the last year.
The operation is part of BHP’s Pampa Norte division and has a government approval to operate until 2023, although this could still be extended.