By Nathan Gill

Oct. 8 (Bloomberg) — Codelco, the world’s largest copper producer, said it won’t tap bond markets this year after Congress approved a bill to provide $1 billion in financing.

Codelco may look to sell bonds from next year, Chief Executive Officer Jose Pablo Arellano told reporters today in Santiago. The company will begin to spend the cash when the bill is signed into law, “probably in November,” he said.

Codelco spent $2 billion on its operations last year in a bid to stem five years of declining production. The company, which supplies about a 10th of the world’s mined copper, is investing another $2 billion on developing mines this year.

“We have quite an important investment plan for the next few years,” Arellano said at company headquarters in Santiago. “For that, we will turn to different forms of financing, bonds, different sorts of financing.”