by Leticia Lozano
When the world’s second-largest copper miner, Phelps Dodge Corp, recently announced plans to issue $250 million over the next two years in Peru to help to pay for the $850 million expansion of its Cerro Verde copper mine, no one raised an eyebrow.
Such issues have become almost commonplace in an Andean country that is bulging with energy and mining opportunities but lacks government funding. Indeed, companies ranging from Chilean department stores chain Falabella to Peru’s electricity provider Edegel have issued corporate bonds denominated in both dollars and Peruvian sols this year.
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