BHP readies $1.5 billion Chile power transmission line sale

Miner BHP is gearing up to sell its power transmission lines in Chile as it refocuses toward copper mining in the country, newspaper Diario Financiero reported on Wednesday, citing sources.

The assets are valued at around $1.5 billion and the sale could be carried out this year, the newspaper reported.

BHP did not immediately respond to a request for comment.

The transaction would include the transmission lines that feed power to BHP’s Escondida, Spence and Cerro Colorado mines, according to the outlet.

The lines span some 1,000 kilometers (621 miles) across the three operations, including the currently shuttered Cerro Colorado site.

Potential bidders could include transmission companies, other energy firms or institutional investors, Diario Financiero reported.

The move would follow a similar sale last year of a 49% stake in transmission assets linked to BHP’s iron ore business in Australia to a BlackRock unit for $2 billion.

(By Kylie Madry and Fabian Cambero; Editing by Iñigo Alexander)