MinerAndina reports that Chilean state mining company Codelco, the world’s largest copper producer, “plans to invest $40 billion for the next ten years to strengthen the company for the various scenarios the copper industry presents,” according to Alejandro Rivera, Administration and Finances VP.

He said that financing for this investment will come from resources generated by the company, from debt acquired with private financers and the respective contributions from the Chilean government through a capitalization program currently ongoing.

“The destiny for the funds will be divided in four categories, the main one being the development of structural projects through which the company seeks to keep its production quota around 1.7 Mt of copper per year for the next 25 years”, he said.

Codelco expects an investment of $20 billion in the three projects currently under execution with different levels of progress: Chuquicamata Subterráneo [underground], Nuevo Nivel Mina and the trespass Mina-Planta Andina.

The remaining disbursements are related to mining development projects and the compliance of the norm regulating environmental updating of its three furnaces: Ventanas, El Salvador, Chuquicamata and El Teniente.

During the year’s first half, Codelco made a surplus of $990 million. Thus, it passed the $66 million goal and almost doubled the amount generated during 2016.

“Codelco generated $990 million thanks to a disciplined management, costs reduction and the improved copper price”, said Nelson Pizarro, Executive President of the company.