Chile’s Codelco is planning to make an additional investment of $720m to overhaul the Chuquicamata copper mine located 1,650km north of Santiago, Chile, reported Reuters.
The move comes as the company looks to stop a production downturn by bringing late and overbudget mining projects back on track.
Chilean state-owned copper mining company has already invested $5.7bn to transform the Chuquicamata open-pit copper mine into an underground mine, reported Bloomberg News.
At the shareholders meeting in May 2023, the company stated that it was also in the process of investing $1.3bn in infrastructure related to the Chuquicamata mine.
The company is currently seeking an environmental permit for the mine’s design modifications and related works.
In the environmental impact statement submitted to the authorities, Codelco’s proposal includes operational changes at both the underground and surface levels of the mine.
