Codelco invests to boost copper production

Revival of Chuquicamata mine

CODELCO – Corporación Nacional del Cobre de Chile is going to invest an extra $720 million into the old Chuquicamata copper mine to stop production decline. One of the main goals of Codelco’s new chief executive officer, Ruben Alvarado is to boost production levels. Alvarado has stated that fresh plans are already in motion and its output in 2024 will be boosted to ca. $1.34 mln tonnes.

New investment

Codelco has already invested $5.7 billion into the mine transition from open-pit exploitation to underground mining. Moreover, it was also in the process of spending $1.3 billion in related infrastructure, according to the stakeholders meeting in May. The infrastructure is now awaiting environmental approval for design adjustments in the project. The proposed operational changes both underground and surface will not influence the extraction and processing speeds originally authorized for the project.

Last year Codelco’s production was of ca 1.45 mln tonnes of copper.