SANTIAGO, April 10 (Reuters) – Chile’s Codelco, the world’s biggest copper producer, is “perfectly well financed” for the next two years as it pushes forward with its largest-ever drive to revitalize its aging mines, Chairman Juan Benavides said on Wednesday.

State-owned Codelco, which produces nearly one-tenth of the world’s copper, is set to shell out $40 billion in 10 years to overhaul its century-old Chuquicamata and El Teniente mines, among others.

“Codelco has its finances in perfect order with respect to our requirements today,” Benavides said in an interview with Reuters. “What is fundamental is that we sustain production.”

Benavides said he did not expect the company would issue any additional bonds this year.

Codelco returns all of its profits to the state and is