Market Chatter: Codelco Eyes $2 Billion Gain From Chile Copper Mine Integration Plan

MT Newswires Live05-21 06:50

Codelco is targeting about $2 billion in cost savings and additional revenue by integrating operations at its Chuquicamata, Radomiro Tomic and Ministro Hales copper mines in northern Chile, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The plan, which has been presented to Codelco's board, would unify mine planning and processing operations, with benefits expected to begin in 2027, according to the report.

Bloomberg said options under review include shared processing plants and possible management consolidation.

The move comes as the Chilean state miner faces pressure from rising costs, stagnant output and a growing debt burden, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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