Chilean copper producer Corporación Nacional del
Cobre de Chile (Codelco) has issued 30-year bonds worth $950
million as it looks to raise capital for its investment
conditions are the result of the strong financial position that
Codelco has and which places the company very well in the
international financial markets," Iván Arriagada,
Codelcos vice president of administration and finance,
attracted more than 150 investors from Asia, Europe and the
Americas, the Santiago-based company said.
HSBC Securities (USA)
Inc., Merrill Lynch, Pierce, Fenner & Smith Inc. and
Mitsubishi UFJ Securities (USA) Inc. led the bond issuance.
The Chilean government
in July approved a $1-billion earnings reinvestment for Codelco
to support the miners investment plans.
The sum will mainly
come from retained earnings generated from the sale of
Codelcos participation in Anglo Sur to Anglo American
Plc, which amounted to more than $3 billion.
The investment for
2013 is pegged at $4.5 billion, while investments for 2012-16
will total about $27 billion.
companys main expansion projects are the
170,000-tonne-per-year Ministro Hales site, which is expected
to start production at year-end; a new mining level at El
Teniente; and the construction of an underground level at the
objectives include expansion projects at the Radomiro Tomic and
Codelco aims to
increase copper output to 2.5 million tonnes per year by
A version of this
article was first published in AMM sister publication Metal