Chile's Enami Puts 450,000t of Copper Stock on Sale

Chile's Enami

Chilean state-owned mining company Enami has announced plans to sell 450,000 metric tonnes of copper as part of efforts to regain financial stability. The copper, which has been oxidized and processed at the Barriles de Tocopilla plant, is valued at around $60 million. This stockpile is notable not only for its large volume but also for the fact that it has already been collected and crushed, making it more accessible to buyers.

Financial Recovery Strategy

Enami's decision to sell its copper stock follows a challenging financial period. The company posted a loss of $200 million in 2023, prompting a need for immediate action to address its financial standing. By liquidating this significant batch of copper, Enami aims to stabilize its finances and continue supporting small-scale mining, a sector that remains central to its operations.

"Our goal is to achieve financial sustainability, a necessary condition to continue playing a key role towards small-scale mining, which is our main asset," said Javiera Estrada, Enami's executive vice-president.

Enami's copper sale is expected to generate significant interest, given the large volume and the current demand for copper in global markets. This move marks a critical step for the company as it seeks to reposition itself financially and sustain its influence in the mining industry.