Bloomberg reported that Chile’s Codelco is in talks with Ecuador to jointly develop the Junin copper deposit.

Mr Gerardo Jofre chairman of Codelco said that “We are at the beginning of talks with them. Codelco has spent USD 4 million on exploration targets in Ecuador and plans to invest between USD 10 million and USD 30 million in exploration over the next 4 years.

Mr Jofre and Mr Hernan de Solminihac mining minister of Chile gave Mr Correa a tour of the Gaby mine as the Ecuadorean leader seeks to build support at home for his country’s nascent mining industry. The Junin deposit in northern Ecuador contains enough copper and molybdenum to rival the biggest mines in Chile and Peru.

Mr Correa said that Ecuador seeks socially and environmentally responsible mining investment. The Andean country has lost too much time tapping its mineral resources and can use profits from the sale of metals to alleviate poverty.

A deal with Ecuador’s state mining company Enami would give Codelco access to its first large scale copper deposit outside Chile. Codelco spent about a decade exploring in northern Brazil and Mexico.

Source - Bloomberg

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