Toronto-based major Noranda (NOR-T) has acquired all the shares of Fundicion Refimet that it did not already hold. The shares were acquired from Inversiones Mineras del Pacifico and Barrick Gold (ABX-T) subsidiary Minera Barrick Chile.
Refimet operates a 5-year-old, 158,000-tonne-per-year copper smelter near Antofagasta, in northern Chile. Noranda plans to undertake a feasibility study for a 100,000-tonne-per-year expansion.
“The acquisition of the remaining 75% of Refimet will further enhance Noranda’s operating base,” says David Golman, Noranda’s chief executive officer. “The smelter is well-positioned to take advantage of further growth opportunities created by new sources of copper concentrates and strong local demand for sulphuric acid.”
One such new source could be the Antamina mine in Peru, in which Noranda recently agreed to purchase a 33% interest.
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