The U.K. is finalizing a $1 billion deal to support British investment in No. 1 copper producer Codelco, officials announced. The agreement allows cooperation between U.K. companies and Chile’s state-run enterprise on infrastructure, equipment sales and financial investments.
Darryn Quayle, a mining expert with the U.K. Trade and Investment agency, said it was one of the first deals of its kind for Britain. “Typically, they’ve been oriented toward oil and gas,” he told Reuters; the arrangement falls within a new initiative, the High Value Opportunities Program, seeking to boost U.K. exports.