- Write by:
-
Thursday, December 21, 2023 - 18:31:48
-
113 Visit
-
Print
Mining News Pro - Codelco had its credit rating cut two notches by S&P Global Ratings as an output slump prompts the world’s largest copper producer to raise debt levels for project funding.
The Chilean state-owned miner’s long-term foreign currency rating was downgraded to BBB+ from A, S&P said Wednesday. It follows recent cuts by Fitch Ratings and Moody’s Investors Service.
Codelco’s production levels are at the lowest in a quarter century while costs have surged. Management is battling to bring late and over-budget projects on stream to counter that slump, embarking on a $40 billion overhaul of its aging mines.
“We now expect Codelco will use more debt in 2024 than we previously expected,” S&P analysts led by Diego Ocampo wrote. “We also don’t expect capitalization from the owner or any other sort of alleviation at this point.”
S&P’s outlook for Codelco is stable given the very high likelihood of government support in an event of financial distress.
Short Link:
https://www.miningnews.ir/En/News/627785
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
Copper briefly traded through $10,000 a ton as investors raised bets on Federal Reserve rate cuts, and Goldman Sachs ...
BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed ...
No comments have been posted yet ...