Codelco is planning to sell a 40% stake in energy company E-CL, Reuters reports. The Chilean copper miner may sell its stake for a total of about $1 billion through a public auction.
State-run Codelco will use the proceeds from the sale to finance its investments that seek to maintain output in mines suffering from lower ore grades. The sale will not affect the majority stake that GDF Suez owns in the power generation company.
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