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Antofagasta sells shuttered mine

The copper miner is to dispose of its now-closed Michilla mine, fetching $52m in the process
November 29, 2016

Copper giant Antofagasta (ANTO) has agreed to sell its shuttered Michilla mine to Chilean natural resources group Haldeman, for a total consideration of $52m (£42m). The deal includes the sale of the open pit and underground mines and cathode production plant, although Antofagasta will retain Michilla's acid terminal used by its Centinela and Antucoya operations.

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The FTSE 100 group closed Michilla at the end of 2015, after deeming the reserves base "insufficient to sustain and justify a large-scale mining operation". In its last active year, the site produced 29,400 tonnes of copper, down from a peak of 52,730 tonnes in 2003.