LONDON, Aug 17 Reuters Chile39;s Codelco, the world39;s largest copper producer, is at risk of insolvency due to rising costs and a growing debt pile stemming from projects that missed output targets, Chiles Centre for Copper and Mining Studies CESCO said in a report seen by Reuters.

In a rare intervention, the influential industry body funded by revenue from events it organises said cost overruns on projects to upgrade five of Codelco39;s mines, known as structural projects, could mean its debt is likely to reach 30 billion by 2030 from 18 billion now.

Codelco maintains a solid financial position and broad access to financial markets, as confirmed by our high credit rating, Codelco said in response to a request for comment.

Controlling future growth in debt is an important focus of attention that…is determined by the evolution of investment projects and the performance of operations, areas where we are putting the greatest effort.

The report, published to CESCO39;s members earlier this month, comes after the resignation in June of Codelco Chief Executive Andre Sougarret, who steps down at the end of August, only a year after he took on the role. Sougarret cited complexities around the business.

At the heart of Chile39;s mining industry, Codelco needs to revive it39;s copper production from a 25year low.

Last year39;s production of 1.46 million metric tons amounted to 28 of Chile39;s total output of 5.33 million tons. Global copper supplies totalled around 25…