July 1, 2014 / 2:05 PM / 3 years ago

Chile government to capitalize Codelco with $200 million injection

SANTIAGO, July 1 (Reuters) - Chile’s government said on Tuesday it will capitalize state-owned miner Corporacion Nacional del Cobre with $200 million to help finance the company’s investment plans.

The funds are a part of Codelco’s 2013 profits.

Codelco gives all of its profits to the state, which then decides on an annual basis how much to return to the miner.

Center-left President Michelle Bachelet’s government will send Congress a bill during the third quarter “to assure its long-term financing,” the Finance Ministry said in a statement. (Reporting by Anthony Esposito)

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