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Chilean govt to inject $4bn in Codelco 0

Aug 26, 2014

Chile’s government is planning to inject $4bn into state-run copper company Codelco over the next four years. Codelco, the world’s top copper producer, is in need of heavy investment to keep ore output steady.

Under a bill sent to congress, the government would inject $3bn from the national budget, and the remaining $1bn would come from the company’s profits. It is expected to pass quickly, as Michelle Bachelet’s government has a majority.

"We’re sending a signal that we are strengthening our companies, strengthening the country’s main public company," finance minister Alberto Arenas said in a statement.

"There will be a capitalization of up to $4bn to provide stability and sustainability to the company’s business and development plan for 2014 to 2018."

Codelco debuted in the European market in early July, raising €600m ($816m) with a 2024 2.25% bond.

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