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Codelco Issuance A Response To Potential Rating Downgrade

CHILE
  • Chile’s state-owned copper mining company is offering 10- and 30-year notes, “taking advantage of the restart of capital market activity after the end of the summer holidays,” the company said.
  • Codelco launched the offering to help fund the above-average investment of $4.1 billion the world's largest copper producer said it needs to make this year to push forward projects. In Tuesday’s statement, Codelco said the projects “are resuming their construction pace, which will contribute to increasing the company’s production level to 1.7 million tons in 2030.”
  • The miner is not only battling to reignite copper production which is at its lowest level in 25 years, but is also facing calls to rein in its debt, which has ballooned as costs have overrun at some of its key mines.
  • In late August, rating agency Moody's said it was reviewing a possible ratings downgrade for Codelco amid weakened production, rising costs and growing financial pressure. It said the firm would need to lift its investments to about $4 billion from $3.3 billion to boost its "structural projects."
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