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Antofagasta PLC Announces Acquisition Of 40% Interest In The Alto Maipo Hydroelectric Project

Tuesday, 2 Jul 2013 02:00am EDT 

Antofagasta PLC announced that its wholly owned subsidiary, Antofagasta Minerals SA, has entered into a binding agreement with AES Gener SA (AES) to acquire 40% of Alto Maipo SpA (Alto Maipo), a company incorporated to develop, construct, own and operate two run-of river hydroelectric power stations located in the upper section of the Maipo River, approximately 50 kilometers to the southeast of Santiago, with a total installed capacity of 531MW (the Project). As part of this transaction, the Company signed two 20 year power purchase agreements (PPAs) that will secure the provision of energy for the Company's 60%-owned Los Pelambres operations for up to 160MW, with the first PPA starting in 2015. Energy for Los Pelambres has been acquired at spot prices since the previous long-term PPA expired at the end of 2012.