Commodities
Chilean Copper Development Gets Boost with Tovaku JV
Codelco and Pucobre have finalized their joint venture to develop the Tovaku Project in Chile's Antofagasta Region, a key milestone in a partnership initiated in 2009. The project aims to produce 46,000 tonnes of copper cathodes per year from its planned open-pit operation.
The JV partners plan to invest $870 million by 2030 and have set a target production date of the same year. Codelco will contribute the mining concessions while Pucobre will provide existing studies and finance the development and construction phases.
Tovaku's development is timely, given rising global copper demand driven by power-grid upgrades and expansion, AI, automation, and other technologies requiring growing volumes of copper.