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| Tovaku copper project |
Codelco and Pucobre have established a strategic joint venture to develop the Tovaku copper project in northern Chile. This partnership extends a collaboration that began in 2009. The new venture aims to boost regional production through sustainable practices.
Pucobre will hold a sixty percent stake in the entity, while Codelco will retain the remaining forty percent. Located seventy kilometers east of Tocopilla, the open-pit project involves an estimated investment of $870 million. The initiative targets an annual production of 46,000 tonnes of copper cathodes over a twenty-one-year lifespan.
Furthermore, the project will utilize untreated seawater to minimize continental water usage and lower environmental risks. Operations are scheduled to begin by 2030, reinforcing Chile's position in the global copper market.
ScrapInsight Commentary
Codelco and Pucobre's joint venture highlights how strategic partnerships in Chile can successfully secure long-term copper supply despite growing capital hurdles. By utilizing sustainable seawater processing and avoiding immediate capital contributions from Codelco, the Tovaku project sets a resilient benchmark for future Latin American mining developments.
