10/15/2015

Chile's Codelco unlikely to get profits to reinvest this year

Chile's state-owned copper miner Codelco will likely not get back any of its profits from the government this year and will have to rethink or delay expansion projects after lower metal prices weighed on its earnings. The world's largest copper miner, which was nationalized in the 1970s, gives all its profits to the Chilean state, and is funded in part by the return of some profit and in part by issuing debt.