[ad_1]
Santiago.- Codelco, a mining company owned by the Chilean State, is currently reviewing some of its plans to adapt its investments to tight liquidity, while maintaining favorable expectations for global copper demand said the president Sunday. Interview with a local newspaper
Codelco, the world's largest copper producer, expects a cash deficit of between $ 500 million and $ 1 billion a year until 2028, Juan Benavides told El Mercurio newspaper
"We are conducting a fairly thorough review of all projects to determine the lowest priorities and the least likely to be deferred, so that capital expenditures incurred each year can be reduced to less than $ 4,000,000. "
According to the executive," it is possible "to reduce the capital investment to US $ 3,500 million a year, although it specified that the structural projects of the company does
The amount of annual investment does not only correspond to structural projects, he said, but also to "other components such as mining development, the renouvell equipment and machinery, issues related to sustainability ".
Benavides also baderted that "due to the lack of development of new mines, the expansion of electromobility and changes in the automotive industry, among other factors," he said. Global supply would not grow more than 1% per year and demand would exceed 2% "
In early October, Benavides said in an interview with Reuters that Codelco was planning to issue a loan of $ 1 billion next year to fund a $ 39 billion plan to renovate its existing mines over the next decade. .
[ad_2]
Source link
