Chile's Codelco at risk of insolvency as debt grows, CESCO report … – Reuters

LONDON, Aug 17 (Reuters) – Chile’s Codelco, the world’s largest copper producer, is at risk of insolvency due to rising costs and a growing debt pile stemming from projects that missed output targets, Chiles Centre for Copper and Mining Studies (CESCO) said in a report seen by Reuters.

In a rare intervention, the influential industry body – funded by revenue from events it organises – said cost overruns on projects to upgrade five of Codelco’s mines, known as “structural projects”, could mean its debt is likely to reach $30 billion by 2030 from $18 billion now.

“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.

“C…

Read the full article at: https://www.reuters.com/markets/deals/chiles-codelco-risk-insolvency-debt-grows-cesco-report-says-2023-08-17/