trending Market Intelligence /marketintelligence/en/news-insights/trending/ccvzpg2ejv3KdMKbbISbPw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Codelco secures US$480M debt funding for planned mine overhaul

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019


Codelco secures US$480M debt funding for planned mine overhaul

Codelco secured US$480 million in debt funding to help bankroll its planned US$40 billion overhaul of aging mines through 2026, Bloomberg News reported Aug. 9, citing an exchange filing.

The Chilean state miner signed a 10-year, US$300 million loan agreement with Export Development Canada and sold two bonds for a combined US$180 million, the report said.

In April, Chairman Juan Benavides said Codelco was "perfectly well-financed" over the next two years and will not need to issue more debt for its revitalization plan.

At the time, copper prices were approaching a 10-month high, coming in at about US$6,500 per ton.

Prices have since fallen by about 12% and hit the lowest in two years in the week of Aug. 5, while Codelco's copper production in the first half of 2019 slipped 12.1% year on year to 769,400 tonnes.

Codelco sold its 37% stake in the GNL Mejillones natural gas plant in Chile for US$193.5 million earlier in August, after being released in July from an obligation to allocate 10% of its export sales to the country's armed forces.