Latest news with #ENAMI
Yahoo
5 days ago
- Business
- Yahoo
Chile's ENAMI opens door to investors for $1.7 billion smelter
SANTIAGO (Reuters) -Chile's state-run mining company ENAMI has kicked off a process to draw in investors for a $1.7 billion smelter in exchange for copper cathode supply, it said on Wednesday. The Hernan Videla Lira smelter in the Atacama region is undergoing renovations that will give it the capacity to process 850,000 metric tons of copper concentrate a year and produce 240,000 tons of copper cathodes, ENAMI said. The company is analyzing various financing options, and has brought on Chilean financial adviser Asset to gauge interest from investors in the coming weeks, it said. ENAMI also created a new business unit to develop the smelter, called Proyecta ENAMI. Chile is the world's biggest copper producer, and sends the majority of its concentrate for processing in China.
Reuters
5 days ago
- Business
- Reuters
Chile's ENAMI opens door to investors for $1.7 bln smelter
SANTIAGO, Aug 6 (Reuters) - Chile's state-run mining company ENAMI has kicked off a process to draw in investors for a $1.7 billion smelter in exchange for copper cathode supply, it said on Wednesday. The Hernan Videla Lira smelter in the Atacama region is undergoing renovations that will give it the capacity to process 850,000 metric tons of copper concentrate a year and produce 240,000 tons of copper cathodes, ENAMI said. The company is analyzing various financing options, and has brought on Chilean financial adviser Asset to gauge interest from investors in the coming weeks, it said. ENAMI also created a new business unit to develop the smelter, called Proyecta ENAMI. Chile is the world's biggest copper producer, and sends the majority of its concentrate for processing in China.
Yahoo
26-05-2025
- Business
- Yahoo
Rio Tinto Confirmed as Preferred Partner for the Salares Altoandinos Lithium Project in Chile
On Friday, Rio Tinto Group (NYSE:RIO) announced that it has been selected as the preferred partner for the Salares Altoandinos lithium project in Chile's Atacama region. This was announced by Empresa Nacional de Minería/ENAMI, which is a state-owned Chilean mining company. This partnership marks a significant step for Rio Tinto in expanding its lithium interests. Aerial view of an open pit mine, with workers extracting minerals. Under the proposed terms of the agreement, Rio Tinto will acquire a 51% stake in the Salares Altoandinos project, with ENAMI retaining the remaining 49%. The completion of this transaction is contingent upon the execution of binding agreements, receipt of regulatory approvals, and other standard closing conditions. Rio Tinto is set to advance the preliminary and detailed feasibility studies for the project, which will pave the way for a conclusive final investment decision. The CEO of Rio Tinto, Jakob Stausholm, expressed honor at being chosen by ENAMI, and highlighted the Salares Altoandinos project's potential to become a world-class lithium development. He also emphasized the opportunity to build on Rio Tinto's existing interests in Nuevo Cobre and Salar de Maricunga, which aims to support Chile's position as a leading producer of minerals crucial for the energy transition. Rio Tinto Group (NYSE:RIO) explores, mines, and processes mineral resources worldwide. It operates through Iron Ore, Aluminium, Copper, and Minerals Segments. While we acknowledge the potential of RIO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIO and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
25-05-2025
- Business
- Yahoo
Rio Tinto Confirmed as Preferred Partner for the Salares Altoandinos Lithium Project in Chile
On Friday, Rio Tinto Group (NYSE:RIO) announced that it has been selected as the preferred partner for the Salares Altoandinos lithium project in Chile's Atacama region. This was announced by Empresa Nacional de Minería/ENAMI, which is a state-owned Chilean mining company. This partnership marks a significant step for Rio Tinto in expanding its lithium interests. Aerial view of an open pit mine, with workers extracting minerals. Under the proposed terms of the agreement, Rio Tinto will acquire a 51% stake in the Salares Altoandinos project, with ENAMI retaining the remaining 49%. The completion of this transaction is contingent upon the execution of binding agreements, receipt of regulatory approvals, and other standard closing conditions. Rio Tinto is set to advance the preliminary and detailed feasibility studies for the project, which will pave the way for a conclusive final investment decision. The CEO of Rio Tinto, Jakob Stausholm, expressed honor at being chosen by ENAMI, and highlighted the Salares Altoandinos project's potential to become a world-class lithium development. He also emphasized the opportunity to build on Rio Tinto's existing interests in Nuevo Cobre and Salar de Maricunga, which aims to support Chile's position as a leading producer of minerals crucial for the energy transition. Rio Tinto Group (NYSE:RIO) explores, mines, and processes mineral resources worldwide. It operates through Iron Ore, Aluminium, Copper, and Minerals Segments. While we acknowledge the potential of RIO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIO and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
RIO Selected as Preferred Partner by ENAMI for Chilean Lithium Project
Rio Tinto Group RIO has been named the preferred partner of Chile's state-owned mining company, Empresa Nacional de Minería (ENAMI), for the development of the Salares Altoandinos lithium project in the Atacama region. The project has the potential to be a world-class lithium the proposal, Rio Tinto would acquire an initial 51% stake in the project with ENAMI holding the remaining 49%. The transaction, however, remains subject to the signature of binding agreements, receipt of regulatory approvals and the satisfaction of other customary closing conditions. Lithium prices have declined 40% in a year due to an oversupplied market. Considering that lithium is expected to play an essential part in the transition to a low-carbon, clean-energy economy, the demand for the metal is expected to grow in the years to come. Rio Tinto has been working on building its lithium portfolio to capitalize on this expected demand surge. With the market likely headed for a deficit, prices will pick up eventually. In 2022, RIO acquired the Rincon lithium project in Argentina. Rincon has the capacity to produce 60,000 tons of battery-grade lithium carbonate per year. First production is expected in 2028, followed by a three-year ramp-up to full capacity. It is expected to operate in the lowest quartile of the cost curve and has an expected mine life of around 40 years. Project work is in progress at Sal de Vida in Argentina, with production expected to start in 2027. The Nemaska Lithium project in Quebec, Canada, in which RIO has a 50% stake, is expected to start production in 2028. Earlier this year, Rio Tinto acquired Arcadium Lithium. With its high-quality assets, diverse product portfolio, focus on innovation and robust growth strategy, Arcadium is expected to play a central role in RIO's lithium expansion plans. Rio Tinto recently inked a binding agreement with Codelco to form a joint venture for a lithium project in Chile's Salar de Maricunga. The current partnership with ENAMI for the Altoandinos project further reinforces RIO's presence in Chile. Backed by its concerted efforts, Rio Tinto now holds one of the world's largest lithium portfolios. In the past year, shares of Rio Tinto have lost 14.9% compared with the industry's 12.7% decline. Image Source: Zacks Investment Research The company currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Agnico Eagle Mines AEM and Hawkins HWKN, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here. Carpenter Technology has an average trailing four-quarter earnings surprise of 11.10%. The Zacks Consensus Estimate for Carpenter Technology's fiscal 2025 earnings is pegged at $7.27 per share, indicating 53.4% year-over-year growth. CRS shares have surged 106% in a year. Agnico Eagle Mines has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AEM's fiscal 2026 earnings is pegged at $4.54 per share, indicating year-over-year growth of 12.7%. Agnico Eagle Mines shares have appreciated 69% in a year. The Zacks Consensus Estimate for Hawkins' fiscal 2026 earnings is pegged at $4.54 per share, indicating year-over-year growth of 12.7%. HWKN shares have gained 2.5% year to date. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Rio Tinto PLC (RIO) : Free Stock Analysis Report Carpenter Technology Corporation (CRS) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report Hawkins, Inc. (HWKN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
