Antofagasta invests in hydro power

Chilean miner Antofagasta yesterday announced that it has agreed to acquire a 40 per cent stake in a company to develop two hydroelectric power plants near Santiago. The deal with electricity generator AES Gener will provide a sustainable energy source for Antofagasta’s operations in Los Pelambres. “The company does not provide any details on the pricing of the power contract, but we would expect that it is value accretive,” said broker Investec.