UPDATE 1-Codelco plans up to $1 bln debt issuance-minister

* Codelco to sell 10-year bond worth up to $1 bln

* Debt issuance to help Codelco finance 2011 budget
(Adds minister comments, investment grade status)

SANTIAGO, Oct 21 (BestGrowthStock) – Chile’s Codelco, the world’s
top copper producer, plans to issue around $1 billion in
10-year bonds, Mining Minister Laurence Golborne said on
Thursday, shortly after it announced an international roadshow
to sell debt.

He said the debt sale would be carried out by Codelco
[CODEL.UL] next week, after the road show ends.

The head of Codelco’s board, Gerardo Jofre, also told
reporters that the debt issuance was part of a financing plan
that was “perfectly compatible” with the company’s cash needs
until at least next year.

Golborne added that the country was willing to reinject
profits generated by the world’s top copper producer for the
company to keep investment grade status.
(Reporting by Javier Leira; Editing by Walter Bagley)

UPDATE 1-Codelco plans up to $1 bln debt issuance-minister