President and CEO Mark Bristow said the company expected to complete a feasibility study for the project, which could extend the life of the mine into the 2030s.
Codelco Chief Executive Nelson Pizarro said in a presentation on Friday that regulatory hurdles were only adding to problems that have long plagued Chile's mines.
The Canadian miner said that being able to enter Torrubia provides access to approximately 1.9 kilometres of strike with the widest and strongest soil copper geochemistry in the north part of the Torrubia trend.
The $285-million takeover bid, considered by some analysts and Acacia’s minority shareholders as low, would see the world's second largest gold producer buying the remaining 35% of the African miner it does not already own, at a discount.