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Chilean National Copper Union calls on the Government to provide permanent Financial support to ease the Company's shortage of funds
Jul 12,2019 11:21CST
translation
Source:SMM
The leader of the Codelco trade union, the Chilean national copper company, said the Chilean government should pass a bill to guarantee permanent financial support for the company. As a result of the gradual increase in environmental requirements, the company's costs and capital needs have also gone up. And since March this year, the company has been facing a shortage of funds.
The content below was translated by Tencent automatically for reference.

SMM7 12-Chilean national copper company Codelco union leader said the Chilean government should pass a bill to guarantee permanent financial support for the company.

As a result of the gradual increase in environmental requirements, the company's costs and capital needs have also gone up. And since March this year, the company has been facing a shortage of funds.

In April, Juan Benavides, chairman of Codelco, said that in order to maintain production at the current level, the company needs a lot of money to expand the mine this year and next to improve ore taste, so it needs sufficient financial support from the government, otherwise the company's expansion plan may be affected.

The company expects production to fall sharply if it is unable to invest at least $20 billion in mines over the next decade.

Codelco, the Chilean state-owned copper miner, has to hand over almost all its profits to the government. So it is up to the government to decide how much money to reinvest. "related news-Codelco: expansion project to maintain current production will cost a lot of money and need government support

 

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