Codelco rules out sale of Salvador mine

Oct 09, 2013 | 01:00 PM | Andrea Hotter

Tags  copper, Codelco, non-core assets, investment strategy, Salvador copper mine, Thomas Keller Lippold, Ministio Hales, Chiquicamata El Tiente Andrea Hotter

LONDON — Chilean copper producer Corporación Nacional del Cobre de Chile (Codelco) has ruled out the sale of its Salvador copper mine, and considers the disposal of its non-core assets as only a possibility, said president and chief executive officer Thomas Keller Lippold.

Keller said that the company was financing its projects through a combination of internal and external funding designed to preserve Codelco’s investment grade.

A 14-day strike at Salvador cost Codelco $12 million earlier this year. Salvador is one of Codelco’s smallest projects, producing 22,200 tonnes of copper in the first half of 2013, a 16.5-percent decline compared with the same period last year.....

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