Codelco raises $2 billion for mine expansions

By Cecilia Jamasmie

The world’s largest copper producer, Chile’s Codelco, has issued $ 2 billion in dollar-denominated bonds to secure funding for its multibillion-dollar upgrade projects and to refinance debt.

The state-owned copper giant sold $1 billion in 10-year bonds. It also obtained a further $1 billion in 30-year bonds issued last year as part of a fresh funding strategy that includes taking out loans and selling non-structural assets. 

“A favourable debt market, with rates at historically low levels, makes it attractive to pre-finance our cash needs of 2021,” Codelco’s vice president of administration and finance, Alejandro Rivera, said in the statement.

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