ACR assists Enami in sale of stake to Codelco
ACR Legal has assisted Enami in the sale of 10% of the Quebrada Blanca copper deposit, owned by Teck Resources and Sumitomo, to Codelco.
The contract, which was approved by the respective boards of directors of both state-owned companies, was closed at a price of USD $520 million, of which a payment to ENAMI of USD $182 million, corresponding to 35% of the total, is established against the signing of the contract, while the remaining USD $338 million will be payable within a maximum period of 120 days. Within that period, certain milestones and conditions customary for this type of transaction will be completed.
Among the actions that could be developed under the agreement, which seeks to strengthen support for small-scale mining and ENAMI’s future projects, are the evaluation of making mining property available for small-scale mining and deepening the transfer of belongings; collaboration in initiatives in the smelting and refining business, including the FHVL modernization project; in the exploration, extraction and processing of lithium and in the logistics of supply and sale of mining products and sulfuric acid; sharing good practices and technology transfer between the two companies, and in the treatment of waste and by-products.
Cariola Díez Pérez-Cotapos also participated in the transaction through attorneys Gonzalo Grez and Macaren Vargas.
ACR team was integrated by partners Luis Felipe Arze (pictured left) and Sebastián Barros (pictured right), and associate Tomás Barros.
