Codelco and Pucobre form US$870 million joint venture for Tovaku copper project

Chilean state-owned copper producer Codelco and Pucobre have finalized a joint venture agreement to develop the Tovaku copper project in the Antofagasta Region. The partnership, formalized through the creation of Minera Puntilla SA, involves an investment of approximately US$870 million.

Pucobre will hold a 60 percent interest in the venture, while Codelco will hold 40 percent. Under the terms of the agreement, Codelco will contribute the project’s mining concessions, whereas Pucobre will provide existing studies and finance the development and construction phases.

The Tovaku project is designed as an open-pit operation located approximately 70 kilometers east of Tocopilla. It aims to produce an average of 46,000 tonnes of copper cathodes annually over a projected mine life of 21 years. The companies are targeting the start of production by 2030, subject to environmental permitting and financing.