Inco eyes Chilean copper projects

Following the recent bid by Lac Minerals (TSE) and Cyprus Minerals (NYSE) for a 51% stake in Chile’s El Abra copper deposit, Inco (TSE) has thrown its hat into the ring.

At a meeting in Toronto, Inco revealed it is pursuing copper projects in the South American country.

“We will look at copper opportunities, providing they are profitable,” Chairman Michael Sopko told the gathering of financial analysts. The company also announced it has formed a joint venture with Codelco, the Chilean state-owned mining company, to explore the Mamina copper deposit, in the north. A blind target, Mamina is peripheral to Rio Algom’s (TSE) Cerro Colorado deposit.

Inco and Codelco recently formed a company which produces underground mining equipment.

In September, Inco was one of 22 companies to reach the pre-qualifying stage for development of the Altamira copper-silver deposit. Bids have yet to be accepted for the project.