Japanese sell to Australians: KGHM’s Chilean copper mine

Japanese Sumitomo Metal Mining and Sumitomo Corporation agreed to sell shares in the Chilean Sierra Gorda mine to the Australian company South32 for $ 1.5 billion. KGHM may not use the pre-emption right and start cooperation with a new partner.

The Japanese wanted to get rid of 45 percent of Sierra Gorda. Australians are counting on entering a new copper mining project in the face of a surge in copper prices. They want to use Chilean raw material to fuel the energy transition. It is an important component of modern technologies, including Renewable Energy Sources and electromobility.

“We are ready to cooperate with any reliable international partner with an established position. If such a partner is selected, we will continue to increase the value of Sierra Gorda together with it. This year, for the first time, PLN 500 million has flowed to Poland from our foreign companies, most of which from Chile, contrary to the opposite direction in the past”, says KGHM spokesman Piotr Chęciński.

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