SANTIAGO, Sept 5 (Reuters) - Chilean state-run miner
Codelco has purchased Enami's 10% stake in Teck's Quebrada
Blanca mine in northern Chile for $520 million, it said on
Thursday.
The deal will contribute 25,000 to 30,000 tons of copper
to Codelco's annual output, the company said, at a time when the
the world's top copper miner is struggling to boost declining
production levels.
Codelco said it will maintain the share rights held by
Enami, which is also a state-run mining company. Those include
preferential dividends, protection from dilution in future
capital increases and the ability to appoint two of 11 board
members.
Codelco Chairman Maximo Pacheco in a statement said the
deal highlights the company's efforts to ensure "enhanced access
to large-scale assets, reduced risk and diversified
opportunities."
Teck did not immediately respond to a request for
comment.
Enami last year valued its stake in Quebrada Blanca at
$323.8 million. In a statement about the sale to Codelco, it
said the deal will help reduce Enami's debt to $250 million from
$740 million.