23 FEBRUARY 2022
Sierra Gorda acquisition complete
We have completed our acquisition of a 45 per cent interest in the Sierra Gorda copper mine in Chile – a high margin operation, with a mine life in excess of 20 years and a reserve of more than 1 billion tonnes.
Our Chief Executive Officer, Graham Kerr, said our acquisition of an interest in Sierra Gorda was a major milestone for South32.
“By adding copper to our portfolio, along with our recent commitments to substantially increase our green aluminium production, we are making significant progress in reshaping our portfolio for a low carbon future,” Graham said.
“Sierra Gorda will immediately contribute to earnings, improve Group operating margins and give South32 long term exposure to a metal that is increasingly hard to discover, develop and produce. We believe copper will play a key role in the world’s decarbonisation and energy transition.”
Among its many uses, copper is an efficient conductor of electricity and heat and is used to generate power in renewable energy systems. Learn more about copper here.