Chilean Government Moves to Help Codelco

The Chilean government has passed a law to aid state-owned copper miner, Codelco, according to Mining.com. The company will receive a special contribution of US$4 billion over the next four years.

As quoted in the publication:

Bachelet’s centre-left government has been taking a close look to the mining sector in a bid to support an industry that is crucial for the country’s economic growth. Authorities recently called a 60-day review of ministerial permitting processes, with a view to improving efficiency while still protecting the environment.

Codelco holds immense copper deposits, accounting for 9% of the world’s known proven and probable reserves and about 11% of the global annual copper output with 1.8 million metric tons of production.

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