Latest news with #Codelco
Reuters
11-06-2025
- Business
- Reuters
Exclusive: Chile's Codelco to focus on public-private partnerships to boost finances and production, CFO says
SANTIAGO, June 11 (Reuters) - Chile's Codelco, the world's largest copper producer, will focus on more public-private partnerships to buoy finances and improve its capacity to develop new projects amid efforts to boost production, CFO Alejandro Sanhueza told Reuters on Wednesday. A growing global appetite for copper and lithium amid the energy transition has led to sky-rocketing demand at a time when Codelco has been struggling to lift production after hitting quarter-century lows in 2023, partly due to dropping ore grades and delays in projects to overhaul key mines. The CFO's comments are the strongest to date that the state-run company will focus on private backing to boost growth. Sanhueza said public-private partnerships will be a "pillar of growth" and are not intended for the overhaul projects or any existing operations so as to comply with the company's nationalization regulations that do not allow it to accept private money in its mines. "Greenfield initiatives (new projects) are a key part of our growth strategy and an opportunity to continue partnerships with third parties," Sanhueza said in a written response to Reuters, adding that it will also help diversify risk. "Our exploration partnerships allow us to attract external financing and (production) capacity, enabling us to accelerate value generation with additional resources beyond those available to Codelco." Aside from recent lithium joint ventures, Codelco reached agreements with Rio Tinto ( opens new tab, (RIO.L), opens new tab and BHP ( opens new tab to prospect new potential copper mines, which sources with knowledge of the matter have described as promising. Codelco already has a partnership in the El Abra mine with Freeport McMoRan and also owns a fifth of Anglo American Sur. This year, it also acquired a 10% stake in the Quebrada Blanca deposit from the small state-owned company Enami. Sanhueza said another goal is to build joint infrastructure, facilitate access to new technology, or minimize environmental impacts. Codelco announced an unprecedented agreement earlier this year to jointly operate neighboring copper mines with Anglo American (AAL.L), opens new tab that the company said would increase production by 120,000 metric tons per year for 21 years. According to sources, the company is seeking to finalize the agreement by September. The company is also strengthening its own exploration budget Sanhueza said, which increased to an average of $83 million annually in 2023 and 2024 and will grow to an average of $150 million annually during the 2025-2029 period. "Codelco has a significant stock of mining resources, which is a privilege in the industry," Sanhueza said. "This collaboration with third parties allows us to make better use of these resources, which are complementary to our own projects."
News18
03-06-2025
- Business
- News18
India & Paraguay: Revitalising A South-South Axis
Last Updated: The deepening engagement is not merely transactional; it is deeply interwoven with India's long-standing commitment to leading the Global South The visit of Paraguayan President Santiago Pena to India is a pivotal moment, with Prime Minister Narendra Modi describing it as 'historic". The visit firmly underlines Paraguay as a key partner and an important member in India's Latin American outreach. It is also a crucial element in India's broader strategy to revitalise its South-South cooperation and reinforce its burgeoning leadership role within the Global South. President Santiago Pena's visit to India marks only the second time a Paraguayan President has visited India and the first-such visit in recent decades. The visit is built upon a foundation of trust, with India's support to Paraguay during the Covid-19 pandemic through vaccine supplies. Discussions between the two leaders covered a wide array of sectors, including agriculture, pharmaceuticals, technology, renewable energy, health, critical minerals, railways, and people-to-people contacts. Both leaders want to enhance trade linkages and explore new investment opportunities. PM Modi emphasised that these talks would introduce 'new dimensions" to India-Latin America relations. President Pena's itinerary includes a visit to Mumbai, where he will engage with the state political leadership, business and industry representatives, startups, and tech leaders, and is aimed at broadening bilateral engagement. The focused engagement with Paraguay is indicative of India's wider, strategic pivot towards Latin America. The region is vital for India's economic diversification, particularly as the 'trade weaponisation' era commences. Latin America has already become one of India's most important export markets for automobiles, accounting for nearly half of its motorcycle exports and a quarter of its car exports in 2024. Notably, India now exports more cars to Chile than to the United States, with Peru being the next significant market. It marks a shift in India's global export strategy. Resource security is another critical driver. Latin America supplies approximately 15-20 per cent of India's petroleum imports and provides significant quantities of vegetable oils and agricultural products. Beyond this, the region holds abundant reserves of critical minerals—copper, lithium, nickel, cobalt, and rare earths—essential for India's energy transition. Major agreements are in place: Chile's Codelco, the world's largest copper producer, has committed to selling copper concentrates to Kutch Copper, following Chilean President Gabriel Boric's visit to India in April 2025, which also announced a Comprehensive Economic Partnership Agreement (CEPA). Similarly, Brazil's Petrobras is set to supply six million barrels of oil annually to Bharat Petroleum, with plans to increase this to 24 million barrels per year, signifying a crucial diversification of Petrobras's customer base away from its heavy concentration on China. Argentina's state-owned oil company, YPF, has also signed a deal with Indian firms to export up to 10 million tons of liquefied natural gas (LNG) annually, alongside cooperation on lithium and other critical minerals. This deepening engagement is also opening up the Latin American market for Indian companies. Indian automobile and pharmaceutical firms are establishing manufacturing units in Latin America to leverage lower tariffs for exports to the US, capitalising on the US's existing Free Trade Agreements (FTAs) with 11 Latin American countries. Tata Consultancy Services already employs 2,000 people in Peru and Chile. It is a significant evolution in the India-Latin America relationship. Leadership in the Global South: A Core Tenet India's outreach to Latin America is linked to its deep-seated commitment to South-South cooperation. India boasts a long and distinguished history of advocating for developing nations, including co-sponsoring the 1955 Bandung Conference and playing a pivotal role in the founding of the 1961 Non-Aligned Movement (NAM), which now comprises 120 nations. It was also an inaugural member of the Group of 77 (G-77) in 1964, a key intergovernmental organisation dedicated to fostering South-South collaboration for development. In contemporary global forums, India continues to champion the cause of the Global South. At the 19th G20 Summit in Rio de Janeiro, PM Modi passionately underscored the challenges faced by these nations, including critical issues such as food, fuel, and fertiliser crises exacerbated by global conflicts. India's leadership played a crucial role in securing permanent G20 membership for the African Union, an initiative that originated during India's own 'Voice of the Global South Summit' in January 2023. India has subsequently hosted multiple such summits, including the third virtual iteration in August 2024, involving dignitaries from 123 countries, embodying the ethos of 'Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayas'. President Santiago Pena's historic visit to India serves as a powerful symbol of India's re-energised South-South axis. It concretely demonstrates India's deliberate and strategic shift towards Latin America, a region critical for its economic diversification and resource security. This deepening engagement is not merely transactional; it is deeply interwoven with India's long-standing commitment to leading the Global South, fostering trust, and offering an alternative model of cooperation based on shared aspirations rather than conditionalities. By blending robust economic diplomacy with its principled stance on international collaboration, India is not only securing its future but also actively shaping a more balanced and equitable global order, embodying its pursuit of true 'strategic autonomy." About the Author Sohil Sinha Sohil Sinha is a Sub Editor at News18. He writes on foreign affairs, geopolitics along with domestic policy and infrastructure projects. First Published: June 03, 2025, 10:33 IST News explainers India & Paraguay: Revitalising A South-South Axis
Yahoo
02-06-2025
- Business
- Yahoo
Amerigo Announces Board Appointment
VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- Amerigo Resources Ltd. (TSX: ARG; ARREF:OTC) ('Amerigo' or the 'Company') is pleased to announce the appointment of Ignacio Cruz to the Company's board of directors. Ignacio Cruz is a Civil Engineer with over forty years of experience in leading positions in the Chilean mining, energy, and civil society sectors. Most recently, Mr. Cruz was Executive Chair of TECHO International, Latin America's largest NGO with operations in 19 countries. Before that, he was CEO of Colbún S.A., Chile's second-largest power generation company. His mining sector experience includes fourteen years with Antofagasta Minerals, including as General Manager of Los Pelambres and El Tesoro. His career has been distinguished by his ability to lead organizations and large infrastructure projects, manage complex financial structures, and develop sustainable strategies that create value for all stakeholders. Mr. Cruz has been a board member of numerous business and philanthropic organizations in Chile. He is an international speaker on strategic management, team leadership, sustainability in mining, people management, and shared value in the extractive industry. He founded Emerge Chile and EverXin, a consultancy firm that utilizes Artificial Intelligence to drive process optimization. 'Ignacio is a highly respected member of the Chilean business community. We are honoured to welcome him to the Amerigo board of directors and will benefit from his extensive experience and thirst for knowledge. Ignacio has excelled as an executive in multiple industries and deeply understands the challenges and opportunities of mining operations in Chile,' said Klaus Zeitler, Amerigo's Executive Chairman. 'We look forward to tapping into his vision and expertise in strategy, leadership, sustainability and stakeholder engagement to maximize long-term value,' Dr. Zeitler added. About Amerigo Amerigo Resources Ltd. is an innovative copper producer with a long-term relationship with Corporación Nacional del Cobre de Chile ('Codelco'), the world's largest copper producer. Amerigo produces copper concentrate and molybdenum concentrate as a by-product at the MVC operation in Chile by processing fresh and historic tailings from Codelco's El Teniente mine, the world's largest underground copper mine. Tel: (604) 681-2802; Web: Listing: ARG: TSX. For further information, please contact: Aurora Davidson Graham Farrell President and CEO Investor Relations (604) 697 6207 (416) 842-9003 ad@ graham@ in to access your portfolio
Reuters
28-05-2025
- Business
- Reuters
Chile's SQM misses profit estimates as lithium prices remain under pressure
May 28 (Reuters) - Chile's SQM ( opens new tab, the world's second-largest lithium producer, on Wednesday missed quarterly profit estimates and warned of lower realized prices in the next quarter due to oversupply of the metal that is crucial for electric vehicle batteries. The company posted first-quarter net profit of $137.5 million, or 48 cents a share, compared to analysts' estimates of $171.20 million, or 63 cents a share, according to LSEG data. The miner said its revenue for the January to March period came in at $1.04 billion, which is in line with analysts' estimate of $1.045 billion, according to LSEG data. Miners worldwide have been hit by a nearly 90% drop in lithium prices since their peak in late 2022 due to weaker-than-expected demand for electric vehicles and excess supply from China. After posting a drop in net profit in the fourth quarter last year due to weak prices, SQM had said it expected lithium prices to dip further at the start of 2025. SQM, one of only two companies producing lithium in Chile, also makes fertilizers and industrial chemicals. The miner is awaiting final regulatory approvals to close a partnership deal with Chile's state-run copper miner Codelco in the Atacama salt flat, the most lithium-rich brine deposit in the world.
Bloomberg
26-05-2025
- Business
- Bloomberg
Chile's Leftist Presidential Hopefuls Spar Over SQM-Codelco Deal
Chile's left-leaning presidential contenders clashed over a landmark deal signed last year between lithium supplier SQM and state-owned Codelco, highlighting differences ahead of the sector's primary vote. 'I am not willing to have the Chilean government form an alliance with SQM,' Jeannette Jara, who most recently served as President Gabriel Boric's labor minister, said in an ADN radio debate Monday.
