Glencore eyeing Chile’s Costa Fuego copper-gold project
Switzerland’s Glencore has entered into a binding agreement with Australian junior Hot Chili to acquire a stake in the company.
The agreement involves a Aus$14.4mn (US$10.6mn) payment in exchange for a 9.99% interest and Hot Chili will grant Glencore offtake agreements for more than 60% of concentrate produced at the Costa Fuego copper-gold project in northern Chile over eight years.
The offtake rights would be subject to Glencore maintaining a 7.5% interest in Hot Chili.
A prefeasibility study for the Costa Fuego project is expected to be ready in 3Q22. Costa Fuego includes the Cortadera copper-gold discovery (pictured) near the city of Vallenar.
The company says Costa Fuego’s indicated and inferred resources are 724Mt grading 0.48% copper equivalent.
Photo credit: Hot Chili
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