China Minmetals Corportation has struck a deal with Chile's largest metal mining company and the China Development Bank to form a partnership to exploit copper resources in Chile, The Beijing News reports. According to the terms of the deal, signed yesterday in Beijing, Minmetals and Codelco, the world's largest copper producer, will each put up half of the US$500 million joint venture, and the China Development Bank will supply US$330 million in loans. Through the joint venture, Codelco will supply a Minmetals subsidiary with 836,250 tons of copper over the next fifteen years. Minmetals has options on 25%-49% stake in the Gaby copper mine. The US$550 million is just the first stage of financing; the entire project is expected to receive investment of US$2 billion by the end.Minmetals, China's largest metal and mining conglomerate, had operating revenues in 2005 of US$17.78 billion. Codelco, Chile's largest state-owned company, produced 1.724 million tons of copper in 2005, 11% of the world's total.Link: http://finance.zgjrw.com/News/2006223/Finance/767445272400.html