Codelco Expects a 4% Increase in Annual Production

Bnamericas Published: Thursday, September 05, 1996
Juan Villarzu, executive vice-president of state-owned copper company Codelco, projected a growth in the company's production of between 3% and 4% this year. The company expects to produce 1.2 million tons of fine copper, an amount not registered since 1989, but expected to be repeated in 1997.

The divisions which are expected to contribute most significantly to the growth are El Teniente, Andina and Chuquicamata. Management at Chuquicamata expect an increase in production despite the ten days lost in a strike carried out in May this year.

!996 production will be slightly more than the goal set by the company for the year. Villarzu explained that the largest increase in Codelco's production would be registered in 1998, due both to the start-up of Radomiro Tomic and production at the Andina expansion. This would mean a total 1.4 million tons of copper a year.

According to Codelco's vice-president of Finance, the company is expecting to receive offers from banks today for a syndicate credit of US$500mn. The 10th of September has been marked as the deadline for a decision as to which offer will be accepted.

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