Codelco sells Mejillones LNG terminal stake

Chilean state-owned mining company Codelco has sold its 37 percent stake in the Mejillones LNG terminal to Ameris Capital AGF fund for $193.5 million.

The 5.5 mtpa facility located in Chile’s Antofagasta region is controlled by the French energy giant Engie, with a 63 percent stake.

Codelco noted that following Argentinian gas supply resumption as well as an energy network migrating strongly towards renewables, Codelco has secured enough supplies for its northern divisions.

This was the reasoning behind the company’s decision to sell its stake in the Mejillones LNG facility. Since the process started in 2017, over 100 companies have expressed interest with five of those submitting binding offers, Codelco said.

The sale of Mejillones LNG stake to Ameris Capital AGF will enable the company to finance part of its project portfolio and focus on its main priority, copper mining, the statement reads.