Moody’s says El Teniente accident could delay Codelco’s copper targets
Credit: Codelco
A halt to production at Codelco’s El Teniente copper mine in late July after an accident could delay the company’s efforts to return to its 2020-2021 production levels of 1.6 million metric tons per year, ratings agency Moody’s said on Monday.
Moody’s did not change its credit rating and stable outlook for Codelco, which on Monday announced it would issue $1.4 billion in senior unsecured bonds in two tranches maturing in 2035 and 2055.
However, Moody’s said the disruption to operations has negative credit implications and upward rating pressure would depend on the state-run company’s ability to reduce debt.
(By Daina Beth Solomon; Editing by Kylie Madry)
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