SANTIAGO (Reuters) – The world’s largest copper miner, Codelco, may see a boost in investment cash regardless of who wins next month’s presidential runoff in Chile, as both candidates have vowed to end the state-run firm’s funding of the military.
Conservative front-runner Sebastian Pinera and his center-left rival Alejandro Guillier, set to face off in the Dec. 17 vote, have both pledged to overturn the dictatorship-era law that transfers to the military 10 percent of Codelco’s export sales, worth $866 million last year.
There is no guarantee that Codelco [COBRE.UL], which delivers all its profits to the state, would keep the funds should the law be overturned. That decision would ultimately lie with Congress. Continue Reading →