Wednesday , December 8 2021

Codelco managers review some projects to adjust their investment. | AmericaEconomy



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Santiago.- Chile's state miner Codelco is considering some of his projects to adjust his investment to the availability of cash, despite maintaining a favorable expectation of global demand for copper, he said in an interview with a local newspaper Sunday. .

Codelco, the world's largest copper producer, expects that by 2028, the cash deficit will be between 500 million and 1,000 million a year, Juan Benavides told the El Mercurio magazine.

"We are in the thorough review of all projects to see that they are less priority and postponed, so that capital investment for each year can be reduced to less than $ 4,000 million," he said.

According to the executive, "it is feasible" that capital investment is reduced to $ 3,500 million per year, although it clarified that the company's structural projects are not in doubt.

The amount of annual investments does not correspond solely to structural projects, he said, but also "other components such as mining, equipment and machine recovery, sustainability issues".

Benavides also said that due to the lack of development of new mines, the expansion of electromobility and changes in the automotive industry, among other factors, "world consumption would not grow more than 1% per year and demand by 2%."

In early October, in an interview with Reuters, Benavides said Codelco plans to issue up to one billion dollars in debt next year to finance a $ 39 billion plan to restore its existing mines in the next decade.

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