Antofagasta Minerals sells Michilla mine

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Monday, November 28, 2016

Chilean miner Antofagasta Minerals has sold its Michilla copper mine to local mid-size mining firm Haldeman Mining Company for US$52mn, the former said in a statement.

Michilla, located in northern Chile's Antofagasta region (II), was put on care and maintenance at the end of last year after the company decided it was not economically feasible to continue operations on a large scale. Output at Michilla was 29,400t in 2015.

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As part of the deal, Haldeman will acquire the open pit and underground mines, the cathode plant and several mining properties. Antofagasta will retain the sulfuric acid terminal and other facilities located in the Michilla port, which are currently used by the company's Centinela and Antucoya (pictured) mines.

Haldeman is a privately held mining firm controlled by the Solari family. Antofagasta is the mining arm of Chile's Luksic group.