Codelco will cut capex by as much as $4bn on copper price slump

Codelco, the world's largest copper producer, will cut its five-year investment plan by as much as $4 billion, having reviewed its projects and given Chile's currency devaluation.

Chile’s state-owned miner originally intended to invest $25 billion to revamp its aging mines and avoid a significant drop in its copper production. But that amount is being adjusted downwards amid the slump in copper prices, which is slashing profits for producers. “We are visualising an investment, given the devaluation of the [Chilean] peso against the [US] dollar, below the $25 billion,” Codelco ceo Nelson Pizarro told reporters on Monday October 26, after a shareholders meeting in Santiago. “The...

Published

Danielle Assalve

October 27, 2015

14:51 GMT

Sao Paulo