The Chilean government announced on Friday that it will inject one billion U.S. dollars into the state-owned mining company National Copper Corporation of Chile (CODELCO).

The investment is intended to help strengthen the company, one of the largest copper producers in the world, amid a steep drop in the international price of the metal.

Chilean Finance Minister Felipe Larrain said the government had come to the decision after analyzing the company's position.

"This is a show of support for CODELCO's ambitious investment program, without which it is impossible to see the company as a leader. What we want is for CODELCO to continue developing," said Larrain.

Copper is Chile's principal export product and the production in 2017 generated more than 2.86 billion U.S. dollars, a six fold increase on the 2016 figure, as the metal maintained its high international price in the second half of last year.

However, in a reflection of the volatility of international markets, copper closed on a loss at the London Metal Exchange on Friday, representing five straight days of losses.

Copper traded at 3.014 dollars per pound on Friday, in comparison to 3.016 on Thursday and 3.033 on Wednesday.