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Chile to inject $1 billion into state mining company

Staff Writer | June 30, 2018
The Chilean government announced that it will inject $1 billion into the state-owned mining company National Copper Corporation of Chile (CODELCO).
Felipe Larrain
LatAm   Chilean Finance Minister Felipe Larrain
The investment is intended to help strengthen the company, one of the largest copper producers in the world, amid a steep drop in the international price of the metal.

Chilean Finance Minister Felipe Larrain said the government had come to the decision after analyzing the company's position.

"This is a show of support for CODELCO's ambitious investment program, without which it is impossible to see the company as a leader. What we want is for CODELCO to continue developing," said Larrain.

Copper is Chile's principal export product and the production in 2017 generated more than $2.86 billion, a six fold increase on the 2016 figure, as the metal maintained its high international price in the second half of last year.

However, in a reflection of the volatility of international markets, copper closed on a loss at the London Metal Exchange on Friday, representing five straight days of losses.