Codelco Announces Copper Mine Investment Review

Chilean company Codelco, the world's largest copper producer, is revising its $ 23 billion investment portfolio and will announce changes to its development plan over the coming months, CEO Nelson Pizarro said.

This is due to President Michelle Bachelet's support for the state-owned mining company. Without future investment, Codelco's production could drop to 700,000 tonnes per year from 1,796,000 tonnes last year. The underground transformation of Chuquicamata and the expansion of Andina's operation at one of the world's largest mines will allow the company to continue producing copper into the second half of the century.

“This is a gigantic task that depends on how effectively the projects are conceived,” said Pizarro, who took office last month. But Pizarro made it clear that the company will need some time to revise the plan, although Bachelet urged Codelco to implement it as soon as possible.

“We cannot hesitate any longer with these resources, Codelco will evolve projects, improve the sustainability of its operations and update equipment and installations,” the president said at a ceremony at Codelco's headquarters in Santiago.

The project involves the Chilean state's largest investment in Codelco in its 43-year history, during which it contributed more than $ 110 billion in revenue to the public treasury. The government sees the project as an incentive for Chile's weakening economy. Bachelet noted that the project will attract 50,000 workers between 2017 and 2019.