SANTIAGO, Dec 3 (Reuters) – Chile’s state-run copper producer Codelco said on Wednesday it has signed a memorandum of understanding to collaborate on a smelter project in Chile with Swiss trader Glencore . Under the agreement, Codelco would provide Glencore up to 800,000 metric tons of concentrate annually, and Glencore would spearhead the project’s development. […]
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Codelco signs agreement with Glencore for Chilean smelter project
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SANTIAGO, Dec 3 (Reuters) – Chile’s state-run copper producer Codelco said on Wednesday it has signed a memorandum of understanding to collaborate on a smelter project in Chile with Swiss trader Glencore .
Under the agreement, Codelco would provide Glencore up to 800,000 metric tons of concentrate annually, and Glencore would spearhead the project’s development.
Codelco has previously said it would not directly construct or finance the smelter.
Glencore will now carry out a pre-feasibility study, with the companies aiming to finalize the deal in the first half of next year. If the project moves forward, it would start construction in 2030 and begin operations between 2032 and 2033, Codelco said.
The miner added that it selected Glencore after a competitive process among bidders.
(Reporting by Daina Beth Solomon and Fabian Cambero; Editing by Kylie Madry and Brendan O’Boyle)