Codelco Secures $850M In Loans

Chile's state minerCodelcohas obtained $850 million in banking loans to refinance its debt due 2012,Reutersreports. Codelco had raised $1.15 billion last month by placing a new 10-year bond.

HSBC Holdings,Bank of Tokyo-Mitsubishi UFJandExport Development Canada, Canada's export credit agency, have provided $250 million each andMizuho Banka $100 million loan. Codelco had announced last month it secured $6.75 billion in a bridge loan fromMitsui & Co.of Japan, which would enable it to exercise an option to buy up to 49 percent inAnglo American Sur, Anglo's flagship copper firm in Chile.

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