Chilean Copper Giant Codelco Returns to International Bond Market

The mining company has issued 10- and 30-year bonds in New York to help finance its investments this year, which will require $4.1 billion

Photographer: Ronald Patrick/Bloomberg
September 06, 2023 | 09:45 AM

Read this story in


Santiago — Chile’s Codelco has issued 10- and 30-year senior unsecured bonds in New York, in a process led by the BNP Paribas, Citi, JP Morgan, Santander and Scotiabank.

These Are Latin America’s Leading Countries by R&D Spending

The financing action aims to ensure the availability of resources for the development of its investment portfolio, which will require a total of $4.1 billion this year.

“This magnitude of capital is in line with the higher level of activity of its structural projects, which are resuming their construction pace and will contribute to increase the company’s production level to reach 1.7 million tons in 2030″, said the world’s leading copper producer.

Project interruptions and falling production have meant that Codelco is currently facing the possibility of a credit rating cut by Moody’s Investors Service.


The state-owned company said the structural projects that are at an advanced level of development are Chuquicamata, Nuevo Nivel Mina and Rajo Inca.

The bond issuance was carried out “taking advantage of the resumption of activity in the capital markets” and after “the end of the summer vacations” in the northern hemisphere, Codelco said.

Chile Unveils Strategy for Interest Rate Cuts, Aiming for 8% by Year’s End