Enami launches tender for Pastenes mining property

Wednesday, June 22, 2011

Chilean state minerals company Enami has launched a tender for its Pastenes copper property, comprising 386 mining licenses over an extension of 2,252ha in northern region III, paper Diario Financiero reported.

Interested parties have until June 23 to buy bid documents, according to the press report.

This tender process is not related to a massive tender of mining properties which the company is said to be planning to launch this year, according to the paper.

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Enami owns close to 200,000ha of mining properties in the country, which have been gradually transferred from state copper producer Codelco. When Codelco finds a property too small to be part of its portfolio, it is obligated by law to transfer it to Enami.

As a result, Enami has accumulated a significant amount of properties that it is unable to develop by itself and has been using a system of leasing to mid-sized mining companies.

This was the formula used for the Salamanqueja copper project in northernmost region XV. The claim over the deposit, which will be developed as an underground mine, was leased for 15 years by Enami to local privately held company Pampa Camarones.

The latter has submitted an environmental impact assessment (EIA) to the environment ministry's evaluation service for a US$6mn project to extract 30,000t/m of oxide copper ore at an average grade of 1.78% from the underground mine. Initially, the ore will be sold to be processed at Enami's facilities located 6km from the mine.