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Chile’s CESCO Week 2022: So much for the Communist revolution

Chile’s CESCO Week 2022 Conference is a major meeting point for the regional mining industry, as well as one of the calendar dates for copper buyers and sellers from around the world (particularly popular among London traders, fwiw). And while the world is still under the impression Chile has gone pinko commie, you’d never guess from what we’ve just heard out of the country’s State miner, Codelco. This morning’s news the 180° opposite to the ignorant blather about the country nationalizing its industry, as Codelco today announced it plans to sell off non-core assets, mining projects and concessions to private companies, either via outright sale or forming JVs with Codelco to move projects too small for the State giant to develop on its own.

So mining FinTwit, a nationalized mining company currently making boatloads of money for its country is now planning to sell fixed assets to privately owned mining companies counts. How does this jive with your claims of a Communist revolution in Chile?

I’ll wait, Dan Earle. I’ll wait.

5 Comments

    This does not seem to be anything new for Codelco – El Abra is an existing JV (Freeport 51%), Inca de Oro is/was a JV with PanAust, more recently Tuvaku (Puntilla-Galenosa) – JV with PuCobre, also optioned Anillo Project to Fortune Valley Resources, optioned the Roberto Project to Anglo American, etc… ……. seems like business as usual.

    Reply

      In fact it would be highly unusual. Codelco has wanted to monetise non-core assets for a long time and was blocked by Bachelet and Piñera govts. It took Boric’s era, which is ironic.

      Reply

        I will need to dig deeper to find the Decreto, but I recall that the President does need to sign-off on any agreements proposed by Codelco.

        Reply

    Otto must be doing something right. Alex Black gave a link to this post and a positive comment!

    Reply

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