Skip to content
Subscriber Only

Top Copper Miner Gets Reprieve as Chile Signals More Funding

  • Government will have to provide ‘slightly more’ to state miner
  • Law forces Codelco to give 10% of its sales to the military
A tunnel crosses under the Chuquicamata copper mine in the Atacama desert in northern Chile, in 2012.
Photographer: Jorge Saenz/AP Photo
Updated on

Codelco’s prospect of remaining as the world’s biggest copper miner received a boost on Thursday as Chile signaled it will increase funding for the state company to overhaul aging mines and head off a slump in output.

Chile is already investing a lot in Codelco and will have to provide “slightly more” as a law that gives 10 percent of its sales to the military drains reserves, Finance Minister Rodrigo Valdes said in an interview in New York. A funding decision is scheduled for next month.