• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 4 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 2 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 23 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 16 hours Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
  • 22 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 4 hours Researchers Are Harvesting Precious Metals From Industrial Waste
  • 2 days Pollster Frank Luntz released a poll today showing 90% of those that voted for Trump in November would vote for him again.
  • 21 hours CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 2 days Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days a In 2020, we produced and delivered half a million cars.
  • 2 days Trump Supporters Just Handed a Huge Propaganda Victory to China
  • 2 days ICE Engines Hear to Stay Regardless of War Against
  • 2 days Minerals, Mining and Industrial Ecology
What The Market Is Overlooking In The Occidental Deal

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

The Worst Oil Trades Ever Made

The Worst Oil Trades Ever Made

Wall Street is full of…

Dave Forest

Dave Forest

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

More Info

Premium Content

$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





Leave a comment

Leave a comment




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