Codelco will launch an investment plan of $2 billion in 2008 to finance 550 projects, reported Chile newspaper El Mercurio on Friday.
The biggest producer of copper in the world hopes recover from its production losses in 2007 which slightly surpassed 5 percent. According to the source, declines were due to contractors work stoppages last July and also a drop in its main mining fields' laws.
It is over 500 investment projects, mainly assigned to the re-positioning of productive capacity, the renewing of mining equipments, projects that seek to increase productivity and some plans directed to boost capacity, said Jose Pablo Arellano, chief executive of the company, according to El Mercurio.
Codelco is a Chile state-owned company. In 2007 the company had a budget of $2.34 billion. Only 70 percent of that was invested.