CHILE'S big state-owned copper miner, Codelco, is looking at spreading its wings internationally and could launch a listed exploration company in the next 12 months.
Speaking at a Melbourne Mining Club lunch yesterday, Codelco chief executive, Diego Hernandez, said the planned special purpose vehicle would consider projects in Australia, but would at first concentrate on South America.
"We want to have in place a company we control that will be a vehicle used to invest abroad and work in joint ventures," Mr Hernandez said.
"We will start with more exploration activity and then try to add other projects."
To access equity and debt financing, the vehicle would be listed in Chile, with a second listing in a yet-to-be-determined country.
Codelco is the world's biggest copper producer, with an annual rate of production of just under 2 million tonnes each year
The company is planning to spend $US3.5 billion ($3.28bn) a year for the next six or seven years on expansions of its Chile ground, but is also starting to look overseas.
"We believe we can be as competitive as a private company," Mr Hernandez said.
"It's easy to say that; it's more difficult to practice."
Mr Hernandez, who was previously BHP Billiton's head of base metals, was bullish on the outlook for copper, which at a current price of $US4.35 a pound is near a record.