Santiago – Chilean state miner Codelco analyzes some of the projects to adjust its investments to limited cash availability, despite maintaining positive expectations for global demand for copper, the company's president said in an interview with the local newspaper on Sunday. .
Codelco, the world's largest producer of copper, expects the cash deficit to be between 500 million and 1,000 million a year until 2028, Juan Benavides told the El Mercurio newspaper.
"We carry out a fairly thorough analysis of all projects to see which ones are less priority and delayed, so that the capital investment for each year could be reduced to less than USD 4,000 million," he said.
According to the executive, it is "possible" to reduce capital investment to USD 3,500,000 per year, although he explained that the company's structural projects do not raise any doubts.
The amount of annual investment does not correspond only to structural projects, he said, but also to "other components, such as mining development, equipment and machinery renewals, issues related to sustainable development".
Benavides also said that due to the lack of development of new mines, expansion of electromobility and changes in the automotive industry, among others "global supply will not grow more than 1% per year, and demand for 2%."
In early October, in an interview with Reuters, Benavides said Codelco plans to spend up to $ 1 billion in debt next year to finance a $ 39 billion plan to renew existing mines in the next decade.