No E-CL Sale Yet, Says Codelco

After local press reports indicated Chilean copper giant Codelco would sell its 40% stake in E-CL, the power generator formerly known as Edelnor, the miner informed the local securities regulator that no decision has yet been made. “Codelco is evaluating different strategies . . . [and] has contacted international and local investment banks to advise Codelco on, among other things, the convenience and opportunity of a sale and the amount of shares it would sell,” the company says. Celfin says the 40% stake is worth $1bn. Celfin and LarrainVial are said to be competing for the mandate to sell it, though both decline to comment on the matter. E-CL shares closed at CLP1,239.60, up 2.52%.