Codelco May Seek Bank Loans for $600 Million in Second Half

Codelco, the world’s largest copper producer, may seek bank loans to raise the $600 million it needs to finance expansions at its Chilean copper mines this year, Chief Executive Officer Diego Hernandez said.

The state-owned company is seeking government approval to retain some of its profit to help meet the financing needs, Hernandez said yesterday in an interview in Santiago. The government will announce its decision by June, he said.