Codelco Plans to Borrow More as Copper Giant Reviews Major Projects
- Chairman says main challenge is execution, not financing
- No. 1 copper miner’s credit rating was downgraded by Moody’s
A truck transports minerals inside the Codelco Chuquicamata open pit copper mine near Calama, Chile.
Photographer: Cristobal Olivares/BloombergThis article is for subscribers only.
Struggling copper giant Codelco will borrow more to fund its vast investment plans, the company’s chairman said, even after its credit rating was downgraded by Moody’s this week.
The company is “reformulating” its major projects as they run late and over budget, Maximo Pacheco told Bloomberg in an interview, emphasizing there was “absolutely” no chance of them being abandoned. Still, he left open the door to further delays, saying only that he “hoped” that that would not be necessary.