• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 6 hours One Last Warning For The U.S. Shale Patch
  • 4 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 1 hour Chile Tests Floating Solar Farm
  • 2 hours Poll: Will Renewables Save the World?
  • 5 mins Modular Nuclear Reactors
  • 11 hours China's E-Buses Killing Diesel Demand
  • 3 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 11 hours Trump sells out his base to please Wallstreet and Oil industry
  • 7 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 23 hours Read: OPEC THREATENED TO KILL US SHALE
  • 22 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 21 hours Trump Tariffs On China Working
  • 21 hours Biomass, Ethanol No Longer Green
  • 6 hours New Rebate For EVs in Canada
Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

$1 Billion Copper Mine Deal In The Making Here

Mine sales are continuing to accelerate around the world. With names emerging this week in one of the biggest sales going in the copper industry right now.

That’s the Lomas Bayas mine in Chile. Which was put on the block by owner Glencore in October.

Local press reported Monday that Chilean firm Copec has officially revealed its intent to purchase Lomas Bayas. With the company submitting an offer to Glencore ahead of a possible decision from the major miner this month. Related: 4 Big Energy Stocks To Watch In 2016

The buy would be Copec’s first large-scale move into the mining space — with the Chilean conglomerate currently focused on energy and forestry operations. The firm had bid last year for a 50 percent interest in the Zaldivar copper mine in Chile being sold by Barrick Gold, but was beaten in the auction by Antofagasta.

But it looks like the potential purchase of Lomas Bayas could be an even more opportune move for Copec.

That’s because the mine appears to be selling cheap. With sources telling Chilean papers that the purchase price for Lomas Bayas could be under $1 billion — significantly less than previous estimates for the sale, which had ranged from $1.1 to $1.5 billion. Related: Saudi-Iran Dispute Won’t Cause Lasting Oil Price Rally

But the deal isn’t a lock for Copec. With Glencore saying late in December that it has received interest in Lomas Bayas from companies in Australia and Asia — in addition to buyers in South America.

We may never know the identifies of all the bidding parties in this case. But it will be very interesting to see who emerges as the winner for the mine.

At the very least, the fact that new players like Copec are being drawn into the market is a positive sign for the industry. Suggesting that outside businesspeople are seeing value in the sector, even amid the current downturn in metals.

Watch for more details soon on the sale, with sources suggesting that a deal could be done by January 15.

Here’s to new blood

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News