Chile allocates US $ 1,000 million to extraordinary capitalization of Codelco

The amount will ensure the progress of the structural projects of the Company and maintain the level of production that has positioned the Company as world leader Copper

The Minister of Finance, Felipe Larraín – with his buddy, Baldo Prokurica, and the president of Codelco, Juan Benavides – announced today the decision of the government to capitalize Codelco extraordinarily in 1,000 million US dollars, making use of Law 20,790 which is in force.

"Codelco is a world leader in copper production, and we want it to remain.This is a sign of support for Codelco's ambitious investment program, without which it is impossible for him to maintain himself as a leading company Codelco said that it was important that Codelco materialize its investment plan and that, if that did not happen, the State would Mining would be depleted of mines and production in the short term.

With respect to terms, the Minister stated that capitalization will take place by February 2019, which is the deadline set by Law 20 790.

The Minister of Mines underlined the effort The Government has indicated that the contribution of US $ 1,000 million is essential for the maintenance of Codelco's production.

"This investment means that Codelco will continue to produce under similar conditions. (…) And it is a powerful investment for Structural projects and business challenges can be realized, "said Minister Prokurica.

For his part, the president of Codelco stressed the contribution of the state and qualified as "a very important signal."

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