The Manibridge project is thought to have numerous high-grade ore zones within a mineralized envelope.

The deal comes at a time of surging raw materials prices, exacerbated by the invasion of Ukraine by Russia.

The proposal is to build a plant on the coast of the Valparaiso region that would produce drinking water for residents in exchange for access to waste water that could be used at mines.

The last time the copper industry gathered in Santiago, prices were below $3/lb amid concerns over a slowdown in Chinese demand.

Mount Polley was shut down in 2014, after a massive tailings pond collapse.

Rusal owns a 20% stake in Queensland Alumina, which is operated by Rio Tinto.

Patricio Vergara, VP of mining resources and development, said the hived-off assets could become eventual partnerships.

The study will be based on an inferred mineral resource estimated at 1.04 million oz. of gold-equivalent.