Codelco, the world's leading producer of copper, considered selling a few of its non-essential properties to fund its investment plans. Codelco's new considerations transpired following the Chilean government's insufficient money allocation to the state-owned miner. The information came from a local news paper on Thursday.
Codelco wanted to boost production from its huge mines. It intended to spend around US$27 billion to increase its yearly output. Codelco wanted to produce up to 2 million tons for the years ahead from only 1.7 million tons.
The miner was dissatisfied with Chilean government's US$1 billion budget.
"We've looked around Codelco to see what assets we can do without, (assets) that we could make liquid," Chairman Gerardo Jofre was cited as stating by the newspaper Pulso.
The company said it was evaluating some investments so that it could ensure its financial responsibility. It would also try to issue more debt to finance spending.
Codelco produced approximately 11% of the globe's red metal. All of its profits were handed over to the country.
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