SEOUL, July 10 (Reuters) - South Korea’s LS Nikko will set up a $96 million joint venture with Chilean state miner Codelco to recover gold and silver coming from Codelco’s smelting complex, LS Nikko said on Thursday.
The Korean copper smelter will hold 66 percent and the world’s leading copper producer Codelco will hold 34 percent in the plant to be located in Mejillones, Chile, the statement said.
The plant will produce 5 tonnes a year of gold, 540 tonnes a year of silver and 200 tonnes a year of selenium starting in the first half of 2016. Construction is set to start later this year.
Codelco produces around 10 percent of the world’s copper.
South Korea’s LS Corp owns a 50.1 percent stake in LS Nikko and a Japanese consortium majority owned by Japan’s JX Mining & Metals Group holds the remainder.
Reporting by Meeyoung Cho; Editing by Matt Driskill