By Julian Luk LONDON (Reuters) - Chile's Codelco, the world's largest copper producer, is at risk of insolvency due to rising costs and a growing debt ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Julian Luk
"Codelco maintains a solid financial position and broad access to financial markets, as confirmed by our high credit rating," Codelco said in response to a request for comment. At the heart of Chile's mining industry, Codelco needs to revive it's copper production from a 25-year low. This should happen"even before continuing with the investments decisions since...the costs in terms of indebtedness jeopardise the financial viability and the value of the main asset of our country".
Chile's future prosperity is tied to Codelco's fortunes, CESCO said, and the state-owned miner needs to focus on efficiencies in governance, administrative structure and supervision before resuming investment and accruing more debt.
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