<article><a href="https://www.dealstreetasia.com/tag/EMR-Capital">EMR Capital</a>, a specialist mining private equity firm, has announced the acquisition of the Cerro Colorado copper mine in Chile from global miner <a href="https://www.dealstreetasia.com/tag/BHP-Billiton">BHP Billiton</a>.</article>

<a href="https://www.dealstreetasia.com/tag/EMR-Capital">EMR Capital</a>, a specialist mining private equity firm, has announced the acquisition of the Cerro Colorado copper mine in Chile from global miner <a href="https://www.dealstreetasia.com/tag/BHP-Billiton">BHP Billiton</a>.
According to an official release, the financial terms of the deal include a payment of $230 million to be paid after closing subject to customary closing adjustments, plus approximately $40 million in proceeds from the post-closing sale of certain Cerro Colorado copper inventory. Furthermore, there will also be a contingent payment of up to $50 million to be paid in the future, depending upon copper price performance.
In Cerro Colorado, EMR will be acquiring a copper mine that produced 65,000 tonnes of copper cathode in 2017 financial year . The mine is located in the Atacama Desert in Northern Chile.
“EMR has vast experience in owning and operating copper mines around the world and we look forward to adding Cerro Colorado to our portfolio as copper is one of our four core commodities and offers excellent demand and supply fundamentals for decades into the future,” said EMR CEO Jason Chang.
The sale is subject to financing and customary closing conditions and is expected to close during the fourth quarter of calendar year 2018.
BHP is regarded as the world’s biggest mining company. It decided to sell the Cerro Colorado mine, its smallest Chilean copper operation in May last year, as part of the company’s bid to focus on large operations only in commodities such as iron ore, copper and oil.
For EMR Capital, the deal follows its previous copper mine acquisition last year when it bought the Lubambe copper mine in Zambia. Earlier this year in March, the company also teamed up with Indonesia’s PT Adaro Energy on a $2.3 billion deal for Rio Tinto’s Kestrel coal operation in Australia.
The Australian private equity has linkages to Asian markets and has a focus on assets in copper, gold, potash and coking coal that it looks to acquire globally.
The firm closed its second private equity fund earlier, EMR Capital Resources Fund II, at $860 million (AU$1.12 billion) and also purchased Golden Grove, a copper zinc mine in Western Australia last year.
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EMR Capital, a specialist mining private equity firm, has announced the acquisition of the Cerro Colorado copper mine in Chile from global miner BHP Billiton.

EMR Capital buys Chilean copper mine from BHP for up to $320m

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EMR Capital buys Chilean copper mine from BHP for up to $320m

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