Codelco Seeks $8 Billion Project Savings as Chile Funds Tighten
A truck transports minerals inside the Codelco Chuquicamata open pit copper mine near Calama, Chile, on Aug. 2, 2018.
Photographer: Cristobal Olivares/BloombergThis article is for subscribers only.
Chile’s biggest civil unrest in a generation is heaping the pressure on new Codelco boss Octavio Araneda to squeeze more money out of aging copper deposits.
Before the wave of protests and riots began six weeks ago, Araneda was already facing the difficult task of having to invest billions just to keep production from plunging and costs rising at a time of thin margins in the global copper business.