The terminal is located in the Bay of Mejillones in the northern part of the mineral-rich nation, the company said in a statement on its website.
The agreement means Codelco will use the Mejillones LNG regasification plant through 2045.
The deal will help supply the northern part of the country with more competitively-priced energy.
GDF Suez of France owns 63% of GNL Mejillones while Codelco holds the remaining stake.
The
