Codelco announces a reduction of US$6000 million from its investment plan

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The Copper National Corporation (Codelco), announced it will slash US$6000 million of its investment plan , through the reformulation of its projects, to set the initiatives they are really able to carry out.

The experts economists assured that the measure will be positive in the long term, but are worried because it could signify the affectation to other industries and massive dismissals.

Due to the current weakness of the red metal market and the complex economic scenario, Codelco announced the starting of a streamlining process during the coming 5 years. Hence, the state company will make a reduction of US$6000 million from its investment plan.

The president of Codelco’s directorate, Oscar Landeretche, explained that the reduction refers to diminish the financing of investment projects, which are going to be reformulate to define and decide among the viable projects.

In the context of the plan of costing reduction, Codelco has dismissed 3464 contractors along 2015.

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