The board of Codelco the world’s largest copper producer approved a plan to sell the Chilean state owned company’s stake in power generator E-CL SA.
Mr Gerardo Jofre chairman told reporters in Santiago that Chile’s government will allow Codelco to retain all proceeds from the 40% E-CL stake to help finance investments.
Mr Jofre said that “This isn’t our core business. We are very optimistic about receiving a very attractive price.”
Codelco is seeking financing for a plan to spend USD 15 billion in the next five years to ramp up production from its aging mines based in Chile after the metal’s price jumped 30% last year to record levels. It plans to start presenting the E-CL stake to prospective buyers next week and may complete the divestiture in two to three months.
A unit of JPMorgan Chase & Co and Larrain Vial SA are handling the transaction.
（Sourced from Bloomberg）
豫公网安备41010502003434号