The worlds' largest copper-producing country, Chile, would allow Codelco to keep hold of US$1 billion. The state-owned miner earned the said money. Chile's move transpired while it engages in record investments that were needed to utilize new deposits.
Today, Chile's Finance Minister Felipe Larrain said the money would come from earnings in a sale. He was referring to the stake in Anglo American Plc's Sur copper resources that was sold. Coldelco would retain US$800 million equivalent to 40% of last year's profit.
"We want to give a clear sign of support to Codelco's investment program," Larrain stated. "Codelco maintains its investment grade credit rating and we have committed to that remaining the case."
Thomas Keller, Codelco's CEO, said the funds would help his US$27 billion investment program.
However, according to a statement made by Codelco today, it asked to retain more profit. It would "proceed to revise and prioritize those investment that to date aren't committed."
Join the Conversation