The company said it had reached a promissory agreement over the assets with SBX Chile.
It has also signed a land agreement to set up the plant 15km from Farellon, with the new site hosting power, water and transportation infrastructure.
Once the deal closes, which is expected within 30 days, Altiplano will dismantle the plant and move it 280km to the new site.
The move and assembly of the plant is expected to be completed in the fourth quarter 2020, and once completed, Altiplano will save on trucking costs, toll mill fees and be able to produce a high grade copper concentrate available to be sold to the local and international markets.
The equipment includes primary, secondary, and tertiary crushing, milling, two 5' x 10' ball mills and a full flotation circuit.