Chilean fuel-to-forestry giant Copec explores green hydrogen, copper options

The fuel-to-forestry conglomerate controlled by Chile’s Angelini family is “analyzing the possibility of carrying out larger projects” in hydrogen after focusing on small initiatives to date, Strategy and Development Manager Jorge Ferrando said.

Empresas Copec, which still gets most of its profit from fossil fuels and wood products, is stepping up its foray into renewable energy and alternative fuels. Without commenting on specific projects, Ferrando said it may make sense to bring in partners for green hydrogen production to share investments and add capabilities.

Electrification is also boosting prospects for copper, despite the wiring metal’s sharp pullback from record-high prices reached earlier this year. Empresas Copec has an indirect stake in the Mina Justa copper mine in Peru and “would love to be able to repeat it with another similar project,” he said.

“This is a global industry, so we have a comprehensive look at projects and we are always studying new opportunities, both locally and in other competitive geographies,” Ferrando said in written responses to Bloomberg questions.

In the meantime, Mina Justa is preparing to make a decision on whether to proceed with a $400 million underground project.