In the area of mining investment, we have stakes in the Candelaria and Ojos del Salado copper mines in the 3rd region and the Sierra Gorda copper-molybdenum mine in the 2nd region.
We participated in Candelaria in 1992 and Ojos del Salado in 2005 jointly with Phelps Dodge (current Freeport McMoRan) and Sumitomo Metal Mining. In 2014 Lundin Mining acquired the stakes in both of the mines and is responsible for the mining operation. In 2015 Candelaria obtained environmental approval for its expansion project “Candelaria 2030” and started construction works which allow the extension of its mine life at least until 2030.
Sierra Gorda, one of the largest mining operation in Chile, started the production of copper concentrate and molybdenum in 2014 and 2015 respectively, and has been improved its operation until now. In 2015, it produced 88K tons of copper and 6.9K tons of molybdenum. Sumitomo Corporation has 13.5% stake in this mine together with KGHM (55%) and Sumitomo Metal Mining (31.5%).
We are also involved in trade business all over the world and here in Chile, copper concentrate and molybdenum products are the main material.