Friday , May 27 2022

Codelco executives will review some investment adjustment projects AmericaEconomy


Santiago.- Chilean state minister Codelco is reviewing some of his projects to adjust his investments to tight cash availability, despite maintaining the favorable expectations of global copper demand, the company's president said in an interview with local newspapers on Sunday. ,

Codelco, the world's largest copper maker, expects that by 2028, by 2028, by 2028, the US $ 500 million and $ 1 million dollar deficit will have declined by 2028, Juan Benavides said for the El Mercurio newspaper.

"We do a fairly thorough check of all projects to find out which are less priority and postponed, so capital investments that are earmarked for each year can be reduced to less than $ 4,000 million," he said.

According to the executive director, it is "feasible" to reduce capital investment to $ 3500 million a year, even though it has made clear that the company's structural projects are not dubious.

The amount of the annual investment is not only for structural projects but also for "other components such as mining development, equipment renewal and machinery, sustainability issues".

Benavides also said that due to the lack of new mines development, widening electromobility and changes in the automotive industry, among other factors, "world supply will not grow more than 1% per year and demand for 2%."

Earlier in October, Benavides, in an interview with Reuters, said that Codelco plans to issue a $ 1 billion debt next year to help finance a $ 39 billion rebuilding plan for the next decade.

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