Mining Engineering’s Weekly Rundown: Episode 31

First, Chile’s state-run copper giant Codelco has teamed up with Glencore to develop a large-scale smelter in the country’s northern mining hub of Antofagasta. The project, still in the pre-feasibility stage, could process around 1.5 million metric tons of copper concentrate each year and would mark a $1.5 billion to $2 billion investment if approved. Under the agreement, Codelco will supply up to 800,000 tons of concentrate annually for at least a decade, while Glencore would construct and operate the plant. With only 6 percent of the world’s smelting capacity located in Chile, the project is part of a broader national push to process more copper domestically instead of shipping it to China. Codelco’s chairman says the new facility will not only enhance operational efficiency but also strengthen Chile’s strategic control over its critical mineral resources. Construction could begin in 2030, with production targeted for 2032 or 2033.

Next, Barrick Mining confirmed it’s exploring an initial public offering of a new company that would hold its North American gold assets, including its stakes in Nevada Gold Mines, Pueblo Viejo, and the Fourmile project. The move comes as gold prices hit record highs, and investors push for better returns. The miner has hired Goldman Sachs and Klein & Company as advisors and could seek a New York listing if the IPO goes ahead. Analysts say the plan effectively isolates Barrick’s most attractive assets into a potential acquisition target, possibly for rival Newmont. The IPO would represent a partial reversal of Barrick’s 2019 merger with Randgold Resources, as the company looks to simplify operations and shed riskier holdings in Africa and Papua New Guinea. Barrick expects to update investors on the evaluation in February.

Finally, Ottawa says it will conduct a national security review of the proposed $53 billion merger between Teck Resources and Anglo American. Industry Minister Mélanie Joly confirmed the review, citing Canada’s tightened investment rules for critical minerals like copper and germanium. The deal would create one of the world’s largest copper producers, with plans to base the combined headquarters in Vancouver and maintain a dual listing. But Canada wants assurances on domestic jobs and continued investment. Teck shareholders are set to vote on the merger December 9, after proxy advisory firm ISS urged approval. The review emphasizes Canada’s increasing focus on strategic control over its critical mineral supply chains amid intensifying global competition for resources.

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