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Published: October 19, 2026 |
CoTec and Battery Mineral Resources have entered into a non-binding framework agreement establishing a pathway toward a strategic economic joint venture to evaluate and develop opportunities to increase copper production and unlock value from lower-grade sulphide mineralization and tailings at BMR’s Punitaqui mining district in Chile through the deployment of technologies identified, sourced or made available through CoTec.
The proposed partnership combines BMR’s producing copper operation, established infrastructure, permits, workforce, and resource base with CoTec’s capabilities in identifying and sourcing technologies, resource optimization, project development, and financing. The parties will evaluate opportunities to increase copper recovery, identify additional production opportunities, and advance new development opportunities across the Punitaqui mining district.
“Punitaqui is an attractive copper district with an established operating platform and significant growth potential beyond the current mine plan. We believe there are opportunities to increase copper production and unlock additional value by applying CoTec’s resource optimization and processing solutions to existing resources, lower-grade sulphides and tailings,” said Julian Treger, chief executive officer of CoTec.
“The partnership reflects CoTec’s strategy of creating value from existing assets through technology, project development expertise and disciplined capital allocation. By leveraging Punitaqui’s existing infrastructure and operating base, we believe there is potential to unlock meaningful incremental value with a lower risk profile than greenfield development. The framework is straightforward and aligned: BMR retains the value of its existing business while both parties share equally in the value created through future development opportunities,” added Treger.
The parties intend to evaluate the potential application of CoTec technologies to Punitaqui’s existing resource base, lower-grade sulphide mineralization and tailings with the objective of identifying additional growth potential and development opportunities.
“Punitaqui is an established copper-producing district with valuable infrastructure, a skilled operating team and a significant inventory of resource opportunities. While our current operations provide a solid foundation, we believe there is substantial potential to create additional value through the evaluation of lower-grade sulphide mineralization, tailings and other opportunities across the district,” said Lazaros Nikeas, chief executive officer of Battery Mineral Resources.
“CoTec brings a differentiated combination of technology expertise, project development capability and access to capital. We look forward to working together to evaluate opportunities which could increase copper production, support future growth and enhance the long-term value of Punitaqui for all stakeholders,” added Nikeas.
A key feature of the proposed strategic economic joint venture is a value-sharing framework under which BMR would retain 100 percent ownership and economic benefit of its existing Punitaqui operation. CoTec and BMR would each have a 50 percent economic participation in the incremental production and value generated through the application of CoTec technologies and any qualifying new development opportunities identified through CoTec’s technology-related activities.
The initial assessment program will include metallurgical testing and preliminary technical and economic evaluation of opportunities to recover additional copper from historical and active tailings, evaluate the potential of lower-grade mineralization, improve recoveries, identify additional growth potential and create new copper production streams.
The framework agreement is non-binding, except for certain provisions relating to exclusivity, confidentiality, and other customary matters, and is intended to govern the initial assessment and testing program. Following completion of the technical, metallurgical, and economic evaluations, the parties intend to negotiate definitive agreements governing the proposed strategic economic joint venture and the development of qualifying opportunities identified within the Punitaqui district.
CoTec is expected to bear the third-party costs of the initial assessment and testing activities approved by CoTec.
CoTec is redefining the future of resource extraction and recycling. Focused on rare earth magnets and strategic materials, CoTec integrates breakthrough technologies with strategic assets to unlock secure, sustainable, and low-cost supply chains. CoTec’s mission is clear: accelerate the energy transition while strengthening strategic mineral supply chains for the countries they operate in. By investing in and deploying disruptive technologies, the company delivers capital-efficient, scalable technologies that transform marginal assets, tailings, waste streams, and recycled products into high-value critical minerals. From its HyProMag USA magnet recycling joint venture in Texas, to iron tailings reprocessing and reclamation in Québec, to next-generation copper and iron technologies backed by global majors, CoTec is building a diversified portfolio with long-term growth, rapid cash flow potential, and high barriers to entry. The result is a differentiated platform at the intersection of technology, sustainability, and strategic materials.
Battery Mineral Resources operates the Punitaqui Mining Complex, a historic copper, gold, and silver-producing mine in the Coquimbo region of Chile. The company’s portfolio also includes 100 percent owned ESI Energy Services and North American mineral exploration assets. The company is focused on providing shareholders with accretive exposure to copper and the global trend of electrification while targeting growth through cash flow, exploration and acquisitions in favorable mining jurisdictions.
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