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Empresas Copec’s mining subsidiary, Inversiones Alxar SA, is selling four Chilean mining projects this year because they performed poorly in 2019.


El Bronce, Botón de Oro, Choquelimpie, and Planta Copiapó will be sold, the company said in a statement, but did not disclose their values.


Last year, Inversiones Alxar SA lost $44mn at El Bronce, Choquelimpie, and Botón de Oro alone.


Empresas also said construction on Mina Justa, a copper mining project capable of producing 150,000mt a year, will be complete by the end of 2020. Mine Justa is located in Ica, Peru, and comes at a cost of $1.6bn.


Empresas posted a net income of $172mn in 2019, however, it decreased by 84pc from the $1.07bn net income it reported in 2018.

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