http://www.mch.cl/2018/06/29/gobierno-anuncia-capitalizacion-extr...

http://www.mch.cl/2018/06/29/gobier...cion-extraordinaria-codelco-us1-000-millones/

( Without a comment from me )

Translated with Google:

Government announces extraordinary capitalization to Codelco of US $ 1,000 million Finance Minister Felipe Larraín indicated that the amount will be delivered gradually by February 2019


(Emol) On the last day of the term, Finance Minister Felipe Larraín announced Friday an extraordinary capitalization of US $ 1,000 million to the state company Codelco.

Thus, from Teatinos 120, the Secretary of State said: "After analyzing the situation of the company, the Government has decided, making use of the law 20,790, capitalize Codelco extraordinarily in US $ 1,000 million."

"This is a sign of support for the ambitious investment program that Codelco has but without which it is impossible to be seen as a leading company", in that sense, he added: "What interests us is that Codelco continues to develop."

In addition, the owner of the portfolio indicated that the total amount will not be delivered immediately, but gradually from next February to next year given that this is the deadline set by law.

Accompanied by the Minister of Mining, Baldo Prokurica, and the president of the Codelco board, Juan Benavides, Larraín added that "we are thinking of delivering something more than half of the resources now."

The minister also emphasized the delicate fiscal situation of the country and said that it is a "complex" scenario where "we are doing, as far as possible, what we can".

But he clarified: "For us it is important, and we have said it as a policy, Codelco has to maintain its degree of investment, although it could continue to borrow, it has to maintain a certain ratio of capital debt with the support that the government".

For its part, the holder of the mining portfolio emphasized that "this effort made by the government is absolutely essential to maintain Codelco's production."