Chile Grants Key Environmental Permit for $870M Codelco-Pucobre Copper Project
Mining News | 2026-11-10 04:47:04
The development will be undertaken by Minera Puntilla, a joint venture in which Pucobre holds a 60% interest and Codelco owns the remaining 40%.
By Paul Ploumis
SEATTLE (Scrap Monster): Chile's copper mining sector has received a fresh investment boost following environmental approval for the proposed $870 million Tovaku copper mine. The clearance is expected to accelerate preparations for construction, targeted for the second half of 2027. The mine is jointly developed by state-owned Codelco and private miner Pucobre.
Located in the Antofagasta region of northern Chile, the open-pit project is designed to produce approximately 46,000 tonnes of copper cathodes annually over an estimated 21-year operating life. Construction is expected to last three years, with the workforce reaching nearly 1,000 at its peak.
The development will be undertaken by Minera Puntilla, a joint venture in which Pucobre holds a 60% interest and Codelco owns the remaining 40%. The companies have collaborated on exploration and technical studies at the property since 2009.
The mining operation will employ conventional extraction techniques, with copper recovery using crushing, leaching, solvent extraction and electrowinning (SX/EW) processes. The proposed plan includes installation of a 193-MW solar installation equipped with 336,600 photovoltaic panels, reverse-osmosis facilities, and a 72.5-kilometre seawater pipeline.
The key environmental clearance will allow the partners to proceed with remaining regulatory and development activities ahead of the construction phase.
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What is the planned annual copper cathode production capacity of Chile's Tovaku copper mine?
Frequently Asked Questions
- What is the estimated investment in Chile's proposed Tovaku copper mine?
The proposed Tovaku copper mine involves an estimated investment of $870 million. The project has received environmental approval, allowing its developers to proceed with remaining regulatory and development activities ahead of the planned construction start in the second half of 2027.
- Which companies are jointly developing the Tovaku copper mine?
The project is being developed by Minera Puntilla, a joint venture between private miner Pucobre and state-owned Codelco. Pucobre holds a 60% stake, while Codelco owns the remaining 40%. The companies have collaborated on exploration and technical studies at the property since 2009.
- What will be the annual copper production capacity of the Tovaku mine?
The open-pit mine is designed to produce approximately 46,000 tonnes of copper cathodes annually over an estimated operating life of 21 years. Construction is expected to last three years, with employment reaching nearly 1,000 workers at its peak.
