Minimum level of annual capitalization to Codelco is proposed
FTC initiative was well received in the Mining Commission of the House of Representatives (Deputies), which in any case approved the project submitted by the Treasury.
The Mining and Energy Commission of the House of Representatives yesterday approved the Codelco capitalization Bill of up to $ 4 billion, which will now be reviewed by the finance committee of the legislative body.
The bill proposes an injection of up to $ 800 million annually, which will allow Codelco to finance 17% of its investments plan committed for the period 2014-2018. From this amount, $ 200 million have already been delivered in June to the state Company.
However, the commission opened the door for other issues are discussed in the room, as the proposal made yesterday by the Federation of Copper Workers (FTC) to establish an annual minimum level of 33% of Codelco’s surplus for capitalization, as well as a permanent mechanism for the state company that transcends the five years committed in the current bill.
“Indeed, at the committee a few weeks ago we unanimously approved a permanent mechanism for Codelco. These positions will be reiterated with the Treasury for indications they present in the room and also discuss a long-term reform on the basis of the approval of this project, “said the committee chairman, Jorge Insunza.
The parlamentary stressed that any indications to this project may only be submitted by the Executive, to commit public resources.
The chairman of the corporation, Oscar Landerretche, said any improvement to the law must be earned by the work performed by the company itself.
“Institutions evolve, it will depend on us at Codelco and how we perform under the current institutional framework to advance to further refinements of it. One has to go win things, here a very important signal has been given and I said so in committee, It is difficult to find in the world a capitalization commitment as important as this, “he said.
Source: Pulso
