SANTIAGO, July 9 - Chilean mining giant Codelco

is seeking to buy a 10% stake in the Quebrada Blanca

copper mine from state-owned Enami for about $500 million, local

newspaper La Tercera reported on Tuesday.

State-run Codelco, the world's largest copper producer, has

commissioned an investment bank to value Enami's stake in the

project, which is controlled by Canada's Teck, the Chilean

newspaper added.

Enami declined "to provide information on the matter because

it is under a confidentiality clause," according to the report.

Enami has a preferred stake in Quebrada Blanca, located

north of the Andean country, and is not required to finance

capital expenditures.

In its financial statements at the end of 2023, the

state-run firm valued its stake in the Teck project at $323.8

million.

The company, which serves as a hub for small and medium

mining projects in the country, is currently in a complicated

financial situation, with its Paipote smelter in the northern

province of Atacama sitting idle pending renovations.

Enami and Codelco declined to comment. Both firms are

also charged with leading an increase in state control over the

lithium industry, a key metal for electric car batteries.