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Codelco repurchased $1.526 billion of bonds to ease the financial burden

CLICK:170TIME:2019-02-18

Codelco, Chile, said Monday that it had repurchased $1.526 billion worth of bonds to ease its financial burden over the next five years. The company is now concentrating on major investments to overhaul its ageing mining business.




With the help of investment banks Citigroup Global Markets, HSBC Securities, J.P. Morgan Securities and Scotia Capital, the state-owned mining company spent two weeks buying these bonds in New York. These bonds will be repaid between 2020 and 2025.




The company said it was the second largest such transaction in Codelco's history and would ease its financial burden in the next few years and facilitate the reification of its portfolio.




Codelco plans to invest more than $30 billion by 2027 to extend the life of its copper mines, some of which have been operating for more than a century.




This year, a new underground mine under its Chuquicamata mine will begin production, and the Chuquicamata mine will soon be too deep to continue mining. A project at El Teniente mine to extend operating life by 60 years is scheduled to be completed by 2025.

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