SANTIAGO, Oct 28 (Reuters) - Chile’s Codelco, the world’s largest copper producer, will issue $980 million in 30-year senior unsecured notes to help finance an ambitious investment plan, Thomson Reuters IFR reported on Tuesday.
Pricing for the bonds is expected later on Tuesday.
Fitch Ratings gave the bonds, due in 2044, an A+(EXP) rating, while Moody’s Investors Service gave them an A1 foreign currency rating, saying the ratings outlook is negative.
Last week, Chile’s Congress approved the government’s capitalization plan for state-run Codelco, under which the company will receive $4 billion over the next five years to help fund its investment program.
Codelco plans to spend around $23 billion through 2018 to upgrade its aging deposits to counteract falling ore grades.
Planned projects include a $6.8 billion expansion of its Andina mine near Santiago, which faces strong community opposition, and a $4.2 billion conversion of open-pit Chuquicamata to an underground mine. (Reporting by Anthony Esposito; Editing by Steve Orlofsky)