Codelco to Discuss EC-L Stake Sale

The board of Chilean copper miner Codelco is expected to discuss the sale of a 40% stake it holds in power company EC-L, according to government sources. Analysts have estimated the stake to be valued at about $1.1bn. In September, the Chilean copper miner hired JPMorgan and LarrainVial to explore strategic alternatives for the stake. Codelco co-owns E-CL with France’s GDF Suez, which holds a 52.4% stake, in addition to a 7.6% free float. Proceeds of the sale will be used to finance Codelco’s investment plans.