Codelco to Remain State-Owned

Chilean state-owned copper producer Codelco is backing away from the idea of selling stock to the public in a partial privatization. Executive President Juan Villarzú says he has given up on the idea he floated earlier this year, arguing that the government cannot alone finance the company’s multi-billion dollar investment plans. Codelco’s investment plan for the period 2005-2012 will cost $13 billion- $17 billion.