Chile's Codelco issued US$2 billion in bonds to secure funding to upgrade projects and refinance debt, Mining.com reported Jan. 7, citing a company statement.

The copper giant issued US$1 billion in 10-year bonds and obtained a further US$1 billion in 30-year bonds issued in 2019 as part of a fresh funding strategy that includes taking out loans and selling nonstructural assets.

Codelco aims to secure funding for its 10-year, US$40 billion mines overhaul as many of its operations have been affected by declining ore grades and increasing costs.

"A favorable debt market, with rates at historically low levels, makes it attractive to prefinance our cash needs of 2021," Codelco's vice president of administration and finance, Alejandro Rivera, said.

The country's Finance Minister Ignacio Briones recently said the state has no plan for capital injection into Codelco, leaving the company to fund its own U$20 billion investment program.