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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Anglo American    AAL   GB00B1XZS820

ANGLO AMERICAN

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Chile's Collahuasi plans resource sharing with Canada's Teck Resources

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01/09/2019 | 03:56pm EDT
FILE PHOTO: Teck Resources sign is on display during the company's annual general meeting in Vancouver

(Reuters) - Chile's Collahuasi copper mine is talking to Canada's Teck Resources Ltd about resource-sharing as the two companies embark on ambitious expansion projects, its Chief Executive Jorge Gomez said on Wednesday.

Collahuasi - owned by Glencore and Anglo American - is seeking "synergies" with companies with operations close to its own mine in the Tarapaca area on the border with Bolivia, Gomez said, principal among them Teck.

These include sharing pipe and power lines and maritime facilities, as well as potentially sharing desalinated water in an area where water shortages are increasingly becoming an issue, he added.

"We have many things in common that we have been talking about over time and which is helping both them and us in terms of construction and future developments," Gómez told reporters at an event in Santiago.

"It does not make much sense that two companies so close together should double-up on these things."

Collahuasi is considering constructing an aqueduct to transport desalinated water left over from operations from Teck's Quebrada Blanca to its own mine as a back-up resource.

"Eventually they will have a surplus which we can use," he said.

Chile's copper industry will triple its use of sea water for industrial processes in the next decade, state copper agency Cochilco said on Tuesday, as global miners in the world's top producer of the red metal seek alternatives amid growing water shortages.

At the end of December Collahuasi, one of Chile's largest mines in terms of output, submitted a $3.2 billion expansion plan to local authorities, which would take its production to 710,000 tons per year.

Last month, Teck teamed up with the Japanese Sumitomo Metal Mining and Sumitomo Corp <8053.t> to boost the production of its ageing Quebrada Blanca deposit to 300,000 tonnes of copper annually from 23,400 tonnes in 2017.

(This story corrects "Atacama" to "Tarapaca" in paragraph 2)

(Reporting by Fabian Cambero; writing by Aislinn Laing; Editing by Marguerita Choy)

By Fabian Cambero

Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN -0.27% 1957 Delayed Quote.12.27%
GLENCORE -0.40% 310.1 Delayed Quote.6.86%
SUMITOMO METAL MINING CO., LTD. -5.03% 3170 End-of-day quote.10.30%
TECK RESOURCES LTD -0.86% 29.99 Delayed Quote.2.93%
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Sales 2019 27 828 M
EBIT 2019 6 417 M
Net income 2019 3 418 M
Debt 2019 2 831 M
Yield 2019 4,40%
P/E ratio 2019 9,79
P/E ratio 2020 11,05
EV / Sales 2019 1,41x
EV / Sales 2020 1,42x
Capitalization 36 414 M
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