Codelco in Talks With India’s HCL for Chile Copper Joint Venture

Codelco is negotiating a copper venture with India’s Hindustan Copper Ltd. as the Chilean state-owned miner turns to foreign partnerships to develop unexploited deposits, according to people familiar with the matter.

The deal under discussion is for a joint venture in which Codelco would put up one of its undeveloped deposits in Chile, with HCL taking on capital commitments, said the people, who asked not to be identified discussing ongoing confidential talks. Investments would exceed $1 billion, they said.