Chile says returns $1 bln in profit to miner Codelco
SANTIAGO, July 2
SANTIAGO, July 2 (Reuters) - Chile's government said on Tuesday afternoon it will return $1 billion of 2012 profits to state copper company Codelco to help the miner meet financing needs.
World's No. 1 copper producer Codelco has an ambitious plan to increase annual copper production to over 2 million tonnes from its current level of around 1.7 million tonnes.
The $1 billion is likely to make it easier for Codelco to tap capital markets without risking its investment grade.