The state-owned copper giant sold $1 billion in 10-year bonds. It also obtained a further $1 billion in 30-year bonds issued last year as part of a fresh funding strategy that includes taking out loans and selling non-structural assets. The company’s objective is to secure financing for its sprawling 10-year, $40 billion mines overhaul as many of its aging operations have been dogged by declining ore grades and increasing costs. The move came a day after Chile’s government ruled out a capital injection for its copper company. Codelco has already kicked off one of its most ambitious plans — the $5.6 billion conversion of the giant Chuquicamata open pit mine into an underground operation. This is the fourth time since 2017 that Codelco issues long-term debt to refinance its short- and medium-term debt as the sector continues to face low copper prices.