Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Chilean copper giant Codelco has secured contracts that will guarantee 85% of its energy supply will come from renewable sources by 2026, it said on Friday.
The state-run miner said in a press release that it had secured three 15-year contracts starting on Jan. 1, 2026 that will guarantee 1.8 terrawatt hours per year.
The tenders include 375 gigawatt hours per year from Atlas, 1,100 gigawatt hours per year from Colbun, and 350 gigawatt hours per year from Innergex.
The company said these contracts would mean 85% of its energy supply will come from renewable sources.
In the release, CEO Ruben Alvarado said the new contracts would reinforce existing renewable energy sources and incorporate lithium battery storage.
“This process reinforces our road towards sustainable mining, in line with our main commitments for 2030,” Alvarado said.
(By Fabian Cambero and Alexander Villegas; Editing by Jan Harvey)
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