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On Tuesday, June 26, Juan Benavides, Codelco's board of directors, went to La Moneda to convince President Sebastin Piera that not only is it imperative, but in the long run a good deal for the state of Chile, that the Treasury has helped to capitalize the state cuprera. With figures in hand and accompanied on the occasion by the Minister of Mines, Baldo Prokurica, Benavides showed the president why he needed money: for the period 2018-2023, an investment of 20 000 million US dollars is expected, with a focus on structural projects, investments to support activity, compliance with Supreme Decree 28 (gas capture in smelters) and mining development projects. And if the next five years are added, the amount will go up to 40,000 million US dollars.
Experts at the meeting reported that Benavides showed Piera with very good surpluses, which reached 2,885 million dollars in 2017, the cuprera has a negative balance of 1,000 million US dollars for the payment of the reserved copper law (which taxes 10% of its sales); the interest on its million-dollar debt – which is at the $ 14-million border – in addition to other spending. On the other hand, costs have fallen, although the mining industry has to make more and more disbursements, mainly because of larger environmental demands. "We would need a very high price of copper, in the order of $ 4 a pound, not to need capitalization, but this scenario is out of any projection," says one close to President.
in the midst of an austerity plan, Piera opened the tax portfolio and promised to deliver $ 1,000 million between 2018 and 2019. "This is a very important signal that the government gives to support the investments of Codelco for the next years, because this company has a large portfolio of structural projects, intended to maintain the current production, and President Piera in the strict sense of the term ", explains a connoisseur of the conversation with the president
the $ 2,295 million US that the company has received since 2014, the goal of which is to fund projects that will maintain copper production levels of about 1.7 million tonnes One of the most interesting topics for Piera was the savings and costs compared to the rest of the industry.Today, Codelco has reduced its costs by about 1,300 million US dollars and this aust This will be further accentuated by the measures imposed by the Treasury and by President Sebastin Piera, they say in the public cuprera.
This year, Codelco's main projects represented an increase of 56.2% in the case of Chuquicamata Subterrnea, 46.7% in Nuevo Nivel Mina to El Teniente and 53.2% in the case of transfers. Andean.
in the structural projects for the years 2018-2021 materializes, in particular, to Chuquicamata Subterrnea (finalize its construction and begin its operation in 2019), New level Mine El Teniente (advance in the construction of tunnels and in complementary projects : Andesite and Diamond), Andean Transfer (finalize its construction and start its exploitation in 2020) and in the Rajo Inca feasibility study of the Salvador division.
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