Chile may turn to its sovereign wealth funds to finance the expansion of its state-owned copper company Codelco as metal prices and economic growth approach four-year lows and the budget deficit widens.
Chile is betting on the expansion of state-owned copper producer Codelco, and may turn to its sovereign wealth fund to finance the investment, even as metal prices and economic growth approach four-year lows.
The world’s biggest copper miners are urging Chile not to squander its mineral potential amid mounting environmental opposition, power shortages and rising labor costs and taxes in Latin America’s wealthiest economy.
Copper is heading for the biggest surplus in 13 years as new supply hits the market. The excess may turn out to be smaller than investors expect as new mines struggle to ramp up, according to the metal’s biggest producer.
Copper, the worst performing major metal this year, is underpinned by prospects of a recovery in Chinese demand that will help counter increased supply, according to some of the world’s biggest producers.
The world’s strongest earthquake in a year and hundreds of aftershocks rattled the copper-rich Atacama Desert last week, forcing almost a million people to seek refuge from tsunamis. The copper market barely reacted.
Codelco, the world’s largest copper producer, will appeal for Chile’s newly-elected President Michelle Bachelet to continue financing record investments designed to stem output declines at its aging mines.
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