CODELCO Announced Fresh Investment at Chuquicamata Copper Mine

SEATTLE (Scrap Monster): CODELCO- the Chilean state-owned copper mining company announced plans to make additional investment of $720 million, aimed at revamping its Chuquicamata copper mine in the north of Chile.

The investment is part of company’s ongoing efforts to stem its overall production decline. Ruben Alvarado, the company’s new chief executive officer has been assigned with an important responsibility to boost its production levels. According to him, the fresh plans will help the company to boost its output to around 1.34 million tonnes by 2024.

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CODELCO’s copper output had recorded decline in 2022, falling to 1.45 million tonnes, as compared with the production of 1.618 million tonnes in 2021. The estimated production for the current year is 1.315 million tonnes, which would happen to be the lowest level in 25 years.

According to document posted on the Environmental Assessment Service (SEA) website, the project work comprises of complementary works and operational adjustments at the mine, for which the company has sought environmental approval. It must be noted that CODELCO has already spent around $5.7 billion towards conversion of open pit into an underground mine. The operational modifications will not modify the mineral extraction and processing rates of the original authorized project.