Chile's Government Halts Codelco Privatization, Considers Selling Non-Strategic Assets
The Chilean government has halted plans to privatize Codelco, the country's largest state-owned company and the world's leading copper producer. The decision comes amidst a heated political debate sparked by Senator Arturo Squella's proposal to privatize or partially sell Codelco's ownership to address its financial crisis. The company faces a debt of around USD 26 billion and has reported its lowest production in 28 years. While the government has ruled out full privatization, it is considering selling non-strategic assets to shore up public finances. The new executive president, Jorge Gómez, has shifted the company's strategy to prioritize profitability over copper volume. The government is also exploring strategic alliances and partnerships with private entities to strengthen Codelco's operations.7 sourcesSee all sources