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SANTIAGO.- Chile's state-owned mining company Codelco is currently examining some of its plans to adjust its investments to tight liquidity, despite maintaining a favorable forecast of global copper demand, the company's president said Sunday in an 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 by 2028, said Juan Benavides to El Mercurio newspaper.
"We are conducting a fairly thorough review of all projects to determine which projects are of low priority and can be deferred so that capital investment committed for each year can be reduced to less than $ 4,000,000. dollars, "he said.
According to the executive, "it is possible" to reduce capital investment to US $ 3,500 million a year, although it has stated that the company's structural projects do not make any difference. doubt.
The amount of annual investment does not only correspond to the structural projects, he said, but also to "other components such as mining development, equipment renewal and construction. machines, issues related to sustainability ".
Benavides also said that "due to the lack of development of new mines, the expansion of electromobility and the evolution of the automotive industry, among other factors," the global supply would not grow by more than 1% per year and demand by 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. dollars to renovate existing mines over the next decade.
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