Copper producer, Codelco, is planning to raise about $600 million in bank loans, Bloomberg reports. The proceeds are expected to be used by the company to finance expansions at its Chilean copper mines in 2011.
Codelco has already raised $1 billion through 10-year bonds in October 2010 for its expansions. The state-owned company will also use the $1.04 billion proceeds acquired from the stake sale in Chilean power producer, E.CL, to meet its investment target for 2011.
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