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Friday, June 29 de 2018

Ministry of Finance announces an extraordinary capital transfer to Codelco of US$ 1,000 million

The capital transfer will be finalized by February 2019, which is the deadline established by Law 20,790. 

Today, the Minister of Finance, Felipe Larraín - together with the Minister of Mining, Baldo Prokurica, and the President of Codelco, Juan Benavides – announced the government’s decision to provide Codelco with capital a transfer of USD 1 billion, making use of Law 20,790.

“Codelco is a world leader in copper production and we want it to remain that way. This is a way to show support to Codelco’s ambitious investment program, which will allow it to remain a leading company. We are interested in Codelco to continue developing”, said the Minister of Finance.

The minister added that it is important for Codelco to move forward with its investment plans, since if this does not happen, the state’s mining capacity will suffer mining and production exhaustion in the short run.

Regarding deadlines, the minister said that the transfer will take place by February 2019, which is the deadline established by Law 20,790. 

The Minister of Mining addressed the government’s efforts and indicated that the USD 1 billion contribution is essential in maintaining Codelco’s production over time.

“This investment reflects the State’s support for Codelco to keep producing under similar conditions (…) And it is a powerful investment that can carry out the company’s structural projects and challenges,” said Minister Prokurica.

The president of Codelco highlighted the contribution of the State and described it as “a very important sign of the Government to sustain Codelco’s development and activity of Codelco in the coming years”.

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