Barros & Errázuriz guides $40M financing for Ruta Minera Project
Barros & Errázuriz (B&E) has advised Sociedad Concesionaria del Norte in securing additional financing of over USD 40 million for the Ruta Minera project. The financing, granted by Banco Itaú Chile, Banco Security, and Banco BICE, will fund improvements, maintenance, and operations of the project tendered by Minera Escondida, a BHP mining group subsidiary, in the Antofagasta Region.
This financial injection complements the original USD 155,443,375 financing arranged in 2021, bringing the total funding to USD 195,443,375. B&E played a crucial role in structuring, negotiating, and closing both the initial and additional financing rounds.
The law firm’s comprehensive advisory services encompassed the integration of the additional financing tranche, as well as amendments to the existing concession agreement with Minera Escondida and the construction contract (EPC) with Besalco.
The transaction, valued at USD 40,864,132 (equivalent to CLP 38,551,068,596), was completed on February 5, 2025, marking a milestone in the project’s development.
B&E’s team was led by partner Vicente Cordero (pictured), and supported by associates Vicente Antunez, Pablo Ulloa, and Lucas Varela.
