{"id":1181584,"date":"2020-04-30T05:45:11","date_gmt":"2020-04-30T10:45:11","guid":{"rendered":"https:\/\/www.mining.com\/?p=1022282"},"modified":"2020-04-30T05:45:11","modified_gmt":"2020-04-30T10:45:11","slug":"codelco-raises-8-million-to-face-crisis","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1181584","title":{"rendered":"Codelco raises $8 million to face crisis"},"content":{"rendered":"<p>Chile\u2019s Codelco, the world\u2019s largest copper producer, has <a href=\"https:\/\/www.codelco.com\/codelco-emite-exitosamente-us-800-millones-en-bonos-en-el-mercado\/prontus_codelco\/2020-04-29\/171345.html\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">raised $800 million worth of bonds<\/a> boosting it cash reserves to face market uncertainty and carry a multibillion-dollar upgrade of its aging mines.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\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 state-owned miner said it received more than 320 orders,<br \/>\nworth $10.6 billion, the highest ever for a Codelco bond and about 13 times the<br \/>\nsize of the offering.<\/p>\n<p>&#8220;Demand was so strong that the issuer was able to tighten pricing significantly and pay zero in new issue concession,&#8221; chief financial officer, Alejandro Rivera, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.codelco.com\/codelco-emite-exitosamente-us-800-millones-en-bonos-en-el-mercado\/prontus_codelco\/2020-04-29\/171345.html\" >said in a statement<\/a>.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Through bond issues, Codelco is seeking to get cash to reduce debt and finance structural projects expected to be the miner\u2019s cornerstone operations for the next 50 years.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The executive noted the move would help the company reduced<br \/>\ndebt and secure financing for its sprawling 10-year, $40 billion mines overhaul.<\/p>\n<p>Codelco has already finished one of its most ambitious projects<br \/>\n\u2014 the&nbsp;<a href=\"https:\/\/www.mining.com\/chiles-codelco-kicks-off-underground-mining-chuquicamata\/\"  rel=\"noreferrer noopener\">$5.6 billion conversion<\/a>&nbsp;of its giant Chuquicamata open<br \/>\npit 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>Ongoing major mine overhauls include a $5.5 billion new<br \/>\nlevel at the El Teniente underground mine, the company\u2019s largest and the<br \/>\nworld\u2019s No. 6 by reserve size, slated to begin operations in 2023. <\/p>\n<p>It also involves converting the El Salvador mine to an open<br \/>\npit mine from an underground operations. The $1 billion project, <a href=\"https:\/\/www.mining.com\/codelco-submits-1b-plan-to-extend-salvador-mine-life-beyond-2021\/\">known<br \/>\nas Rajo Inca<\/a>, is expected to extend the productive life the mine by 40<br \/>\nyears and increase output by 30% from current levels.<\/p>\n<p>Salvador is Codelco&#8217;s smallest division by production. Last year, it churned out 50,600 million tonnes of copper, down 16.8% from 2018.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/09\/codelco-planned-upgrades-1024x566.jpg\" alt=\"Codelco planned mine upgrades\" class=\"wp-image-1002651\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/09\/codelco-planned-upgrades-1024x566.jpg 1024w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/09\/codelco-planned-upgrades-300x166.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/09\/codelco-planned-upgrades-768x425.jpg 768w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/09\/codelco-planned-upgrades.jpg 1060w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><em>Taken from <a href=\"https:\/\/www.codelco.com\/prontus_codelco\/site\/artic\/20171010\/asocfile\/20171010090846\/bofa_m_m_conference_may2019.pdf\"  rel=\"noopener noreferrer\">Codelco\u2019s presentation May 2019.<\/a><\/em><\/figcaption><\/figure>\n<p>In the copper giant\u2019s pipeline of so-called structural projects there is also the $1.3 billion expansion of the Andina mine, which accounted for approximately 11% of Codelco\u2019s output in 2018. <\/p>\n<p>Codelco operates seven mines and four smelters, all in Chile. Its assets account for 10% of the world\u2019s known proven and probable reserves and about 11% of the global annual copper output, with 1.8 million tonnes of production. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chile&rsquo;s state-owned copper miner said it received more than 320 orders, worth $10.6 billion, the highest ever for a Codelco bond.<\/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":[949,369,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1181584"}],"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=1181584"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1181584\/revisions"}],"predecessor-version":[{"id":1181651,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1181584\/revisions\/1181651"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1181584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1181584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1181584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}