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News > Chile

Chilean Miners Reject Codelco's Privatization Attempt

  • Copper workers have confirmed that they

    Copper workers have confirmed that they "will paralyze Codelco, before any privatization attempt". | Photo: EFE/ Felipe Trueba

Published 28 July 2020
Opinion

Codelco was nationalized by the government of Salvador Allende back in 1971, ever since it has allocated its revenues to social programs.

The Federation of Copper Workers (FTC) in Chile, denounced on Tuesday the attempts to privatize the state-owned company Codelco, the world's largest copper producer.

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"We strongly reject the privatization proposal made by some representatives of the UDI and of all those interested in dismantling Codelco and the public companies of our country," said the FTC via a statement, referring to the latest comments by lawmakers and members of the right-wing, political party The Independent Democratic Union (UDI).

After the defeat on the distribution of pension funds in parliament, right-wing forces of the UDI came up with a document titled "Proposal from the wing of Deputies UDI: Political, economic, and social measures to overcome the pandemic." The privatization of Codelco is one of the proposals.

Such privatization "would allow a very relevant income for the State, and that could be used in social benefits," UDI members said.

However, copper workers have confirmed that they "will paralyze Codelco, before any privatization attempt."

 
"Public release | Call to protest before the public account of the President of the Republic."

"The Copper Workers Federation rejects this new attempt to privatize the most important company in the Chilean State, since changing 100% of Codelco's surpluses for 25% of income tax, clearly constitutes less collection to face the social challenges of our compatriots," the statement said.

"Today more than ever, our people require the contributions of this company to face the serious social consequences that this pandemic has generated, so much so that the government has not wanted to stop Codelco's divisions, which continue to produce, despite the cost in human lives of our workers, their workers, and their families," FTC explained.

Codelco was nationalized by the government of Salvador Allende back in 1971, ever since it has allocated its revenues to social programs.

According to data published by specialized platform Statista, in 2019 alone, the mining company reported a revenue of approximately 12.5 billion U.S. dollars.

On the other hand, the copper workers remarked that since its nationalization, the company had generated a surplus of U.S. $ 125,000 million, which it has destined to fund social programs, education, housing, and health. 

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