August 23, 2016 / 7:37 PM / 2 years ago

Codelco to raise up to $390 million via local bond issue

SANTIAGO, Aug 23 (Reuters) - Codelco, Chile’s state-run copper producer, is looking to raise up to $390 million from a local bond market issue, it said on Tuesday, for refinancing and investment purposes.

Codelco, the world’s biggest copper miner, said it would issue the 10-year debt on Thursday.

The company is in the midst of an ambitious multibillion dollar investment plan to expand older mines and build new ones in order to maintain output, but a recent slide in the price of copper has hit its income hard. (Reporting by Felipe Iturrieta; Writing by Rosalba O’Brien; Editing by Jeffrey Benkoe)

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