GENEVA and SANTIAGO, Chile, Dec. 29, 2025 /PRNewswire/ — Mercuria Energy Trading (Mercuria) today announced it has signed a landmark offtake agreement with El Espino SpA, a subsidiary of Sociedad Punta del Cobre S.A. (Pucobre), in connection with the El Espino copper-gold project in Chile. The agreement grants El Espino the right to sell up to 100% of copper and gold production during the first years of operations, scheduled to begin in 2027.
As part of the deal, Mercuria has also committed a financial facility of up to US$375 million, intended to refinance the existing project finance facility, reinforcing the project’s financial strength and supporting its long-term growth.
“We are proud to support Pucobre and the El Espino project, which aligns perfectly with Mercuria’s strategy to grow our metals business and deepen our footprint in Chile,” said Kostas Bintas, Global Head of Metals and Minerals at Mercuria. “This agreement underscores our commitment to long-term partnerships and to providing innovative financial solutions that enable sustainable resource development.”
El Espino, located in Chile’s Coquimbo Region, is expected to produce approximately 100,000 tons of copper and gold concentrates annually (equivalent to 26,000 tons of copper and 13,000 ounces of gold annually) over a mine life of 18 years.
Pucobre’s CEO Sebastián Ríos welcomed the agreement:
“This agreement represents a significant milestone for El Espino and for Pucobre. Partnering with Mercuria as a reliable and long-term offtaker, together with the availability of a financing solution, allows El Espino to strengthen the project’s positioning as it moves toward production and reinforces our long-term growth strategy in Chile.”
About Mercuria
Mercuria is one of the world’s largest independent energy and commodity groups, with a strong presence in global supply chains, energy transition assets, and strategic infrastructure. The group operates across oil, gas, power, and metals markets, with integrated trading, logistics, and investment capabilities. Mercuria is present in over 50 countries, with annual revenues exceeding USD 140 billion. The group has made significant investments in renewable power, energy storage, grid optimization and critical transition metals and minerals.
About El Espino
El Espino is owned by a joint venture between Pucobre (76.3%) and Resource Capital Funds (23.7%). The project involves the construction of a mid-sized open-pit copper-gold mine operation and associated facilities.
SOURCE Mercuria Energy Trading S.A.