Could you please provide an overview of Mineria Activa’s structure and portfolio of assets?

Mineria Activa is the mining division of Activa, LarrainVial’s Private Equity Fund that was established in 2005. We have a diverse range of branches, including Energy, Venture Capital, Private Debt, Buy Out/Growth, and Mining. Our mining division has Assets Under Management (AUM) of approximately US$260 million, covering the entire mining life cycle, from early exploration to production. We currently own several assets, including a copper producing asset in Arica called Pampa Camarones, which produces approximately 8,400 cathodes per year and has an EBITDA of US$35 million. We also have a polymetallic project, Ciclón – Exploradora, which recently completed feasibility studies with attractive economic results. We hold an early-stage iron ore exploration project called Iman, as well as the Filipina project that is currently optioned to Nittetsu, and we are exploring and producing on a small scale in our Indiana project.

How does Mineria Activa add value to assets?

At Mineria Activa, we aim to identify deposits that have untapped potential and then develop them through drilling campaigns and studies. Another strategy we use is to revive assets under distress. For instance, we acquired Pampa Camarones in 2016 when it was filing for bankruptcy. We then embarked on a complete transformation of the operation until it reached ramp up in 2020. We follow a private equity business model that seeks undervalued assets which we can turnaround, and we are open to exploration activities as well.

Can you give details of the sale of the BioLantánidos Ionic Clay Rare Earth deposit to Aclara Resources?

The BioLantánidos project is the first Rare Earth Element (RRE) project ever developed in Chile. This innovative project represents the beginning of a new industry that is critical for the growth of the electromobility and the development of clean energy sources around the world. The sale of the BioLantánidos Ionic Clay Rare Earth deposit to Aclara Resources represented a 4x multiple for our investors who trusted us to carry on with this innovative project.