Chile’s Codelco: A bet on green metals but with debt and production woes

  • Copper giant issued US$2bn eurobonds in January as it grapples with debt and production challenges, ratings downgrade

  • There is potential upside due to the company’s copper and lithium portfolio, key metals for the global energy transition

  • Codelco offers a higher spread over Chile bonds compared to historic levels; risks include increased capex requirements
February 14th, 2024
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