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Chile's top copper producer to invest $5 bn this year

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(Globalpost/GlobalPost)

Chile's state-owned Codelco, the world's largest copper producer, said Friday it will invest $5 billion on existing and planned projects this year.

Of that amount, $2.89 billion will go toward extending the useful life of mines, Codelco said in a statement.

Codelco accounts for 11 percent of the world's copper supply.

Between Codelco and other privately held companies, Chile produces 5.6 million tons a year of copper -- a third of the world's output of the metal.

Last year, Chile's copper exports fell 9.4 percent.

rto/dw/sg

http://www.globalpost.com/dispatch/news/afp/130301/chiles-top-copper-producer-invest-5-bn-year