{"id":1131748,"date":"2019-08-09T10:43:04","date_gmt":"2019-08-09T15:43:04","guid":{"rendered":"https:\/\/www.mining.com\/?p=998948"},"modified":"2019-08-09T10:43:04","modified_gmt":"2019-08-09T15:43:04","slug":"worlds-no-1-copper-miner-gets-300m-from-canada","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1131748","title":{"rendered":"World\u2019s No. 1 copper miner gets $300m from Canada"},"content":{"rendered":"<p>Chile\u2019s Codelco, the world\u2019s largest copper producer, has <a href=\"https:\/\/www.latercera.com\/pulso\/noticia\/codelco-firma-credito-export-development-canada-us300-millones-proyectos-estructurales\/774713\/\">signed<br \/>\na 10-year loan<\/a> with Export Development Canada, the country\u2019s export credit<br \/>\nagency, which will allow the state-owned miner to access $300 million&nbsp;to<br \/>\nfinance an ambitious overhaul of its aging mines.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The copper giant, which produces nearly one-tenth of the<br \/>\nworld\u2019s supply, is in the midst of a $39 billion,10-year <a href=\"https:\/\/www.mining.com\/codelco-goes-ahead-scaled-back-underground-extension-chuquicamata\/\">plan<br \/>\nto expand and upgrade<\/a> its mines.<\/p>\n<p>Last year, the company began&nbsp;<a href=\"https:\/\/www.mining.com\/codelco-goes-ahead-scaled-back-underground-extension-chuquicamata\/\"  rel=\"noreferrer noopener\">$5.6 billion conversion<\/a>&nbsp;of its century-old<br \/>\nChuquicamata open pit mine&nbsp;<a href=\"https:\/\/www.mining.com\/chiles-codelco-kicks-off-underground-mining-chuquicamata\/\"  rel=\"noreferrer noopener\">into an underground operation<\/a>.<\/p>\n<p>The next major mine overhaul is a new level at El Teniente<br \/>\nunderground mine, the company\u2019s largest.<\/p>\n<p>Those and other projects are expected to help Codelco keep<br \/>\nproduction rates, despite falling ore grades and increasing costs at its<br \/>\nassets.<\/p>\n<p>The company, which hands over all of its profits to the<br \/>\nstate, holds vast deposits of the red metal, accounting for over 10% of the<br \/>\nworld\u2019s known proven and probable reserves.<\/p>\n<p>Production decline, together with lower copper prices and<br \/>\nhigher costs, saw the company\u2019s annual profits drop by a third last year to $2<br \/>\nbillion, not counting paper losses worth almost $400 million, as it wrote down<br \/>\nthe value of its assets, including its Ventanas smelter and the open pit at its<br \/>\nSalvador division.<\/p>\n<p>In July, Codelco&nbsp; named company insider Octavio Araneda&nbsp;as<br \/>\nits new chief executive officer, following the departure of Nelson Pizarro.<\/p>\n<p>Together with carrying forward the revamping of the company\u2019s<br \/>\nmines, Araneda is expected to deal with major corporate modifications Sebastian<br \/>\nPi\u00f1era\u2019s administration has promised, including legal changes to prevent the<br \/>\nnation\u2019s armed forces from using Codelco as a cash cow to finance weapons<br \/>\npurchases.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The loan by Export Development Canada will help Codelco finance an ambitious overhaul of its aging mines.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1131748"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1131748"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1131748\/revisions"}],"predecessor-version":[{"id":1131780,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1131748\/revisions\/1131780"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1131748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1131748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1131748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}