Antofagasta Secures El Tesoro

Chilean copper mining company Antofagasta has announced that it has closed the deal to take control of Australia’s Equatorial Mining company, via its subsidiary Sierra Gorda Copper. The 97% stake in Equatorial gives it ownership of El Tesoro mine in the north of Chile. Antofagasta has run the mine since 1999 and owned a 61% stake in it; the balance being owned by the Australian company. Antofagasta decided to make the offer of $400 million after rival mining company Quadra of Canada made a bid to buy Equatorial’s stake at the end of July.