Here is a google translation of a spanish article from the 31st.
The traslation is not spot on but close enough...
I don't think we are at risk from not getting the go ahead on the new mine as the deal is largely already done. if anything the 'senator's' comments only reinforces we got a good deal. :)
Fingers crossed the president doesnt spoil our contract.
Chile: Codelco Criticized by the sale of a mine to an Australian company
. The senator from the governing party, Baldo Prokurica today described as "unacceptable" the terms in which the state-owned Codelco of Chile, the world's largest copper producer, sold 66 percent of the deposit of copper and gold investors Inca Gold Australians.
In July 2008, Codelco approved the search for a partner to develop the copper project in the province of Chaaral, which tendered 66 percent, with a bid of $ 150 million minimum, but in early 2009, the contest was witheld, pending the recovery of international markets.
In February 2010, the Australian company Codelco PanAust Limited submitted a binding offer for 46 million dollars, in order to acquire 66 percent stake of the company Inca de Oro SA, an offer approved by the board of state entity.
But what is more worrying, according to the legislator, the payment is agreed, since $ 15 million in cash would be canceled, while the rest would be in studies, which criticized the previous government of President Michelle Bachelet, for the approval of the transaction.
"A strange way of doing business with State Property. The situation is worrying, since similar mining projects in a state of studies and reserves have been sold at ten times the value of the sale of Inca Gold," he said.
According to feasibility studies, the mine has reserves of 350 million tonnes, an estimated annual production of 50,000 tonnes of refined copper and 40,000 ounces of gold in concentrate.
Prokurica said that the implementation of the transaction is subject to approval by the President of the Republic through a supreme decree that would allow Codelco partnership with third parties in accordance with current regulations.
The Ministries of Mining and Finance should review "the business" and to recommend to President Sebastin Piera "not to approve the agreement of the board of Codelco, because clearly, is harmful, not only for the company but for the whole country."
Prokurica be said in favor of the site is working for Codelco and not dispose of the mine "when we are in the presence of deposits of great importance, the largest source of labor for generating the Atacama region and a source of important revenue for the country. "
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