Author: Paul Ploumis30 Oct 2014 Last updated at 05:32:26 GMT
SANTIAGO (Scrap Monster): The law which was approved by both houses of the parliament, is very much essential for Codelco copper mine, the world’s largest copper mine, as the company is struggling hard to maintain and continue with their present production rate, when the ore grade of the mine is continuously declining as the mine is aging, this law will also help the state owned copper mine to achieve its target of increasing its annual production of copper to more than 2 million metric tonnes.
At the headquarters of the company, located at the capital city, Santiago, the President, Michelle Bachelet, stated that, the government is making a ‘historical eff0ort’ in order to upgrade the world’s number one copper mine, Codelco, in productivity, efficiency and to strengthen the growth of the company.
Moreover, the corporation has already planned on spending about 23.5 billion dollars for the company, for its expansion processes, over the next five years. By the year, 2023, the company will be able to produce about 31,000 jobs, which includes direct jobs as well as indirect jobs, as the result of the investments.
The President at Santiago, also added that, if the government refused to invest in the company, then the production in the copper mine would decline from 1.7 million tonnes to 700,000 tonnes.