SMM8 15: August 14, local time, Chilean national copper (Codelco) under the Chuquicamata copper mine underground project officially launched. Codelco has already invested $5.5 billion in the project, which will extend the life of the project's mines by 40 years.
The copper reserves of the project reach 1.028 billion tons, with a grade of 0.82 percent, and the annual output of copper is expected to reach 320000 metal tons by 2026.
At present, Codelco's copper production has begun to decline due to the decline in ore grade, including 1.68 million tons last year, down from 1.73 million tons the year before. Production was 370900 tons in the first quarter of this year, down 27 per cent from the fourth quarter of last year and 17 per cent from a year earlier to a 10-year low. So the company is committed to increasing production through the Chuquicamata copper mine underground project.
At the same time, the open-pit copper mine will be closed by 2020 as the project moves from open-pit to underground operations, and the superposition company says 1/3 of its workforce is currently replaced by machines, so the project will cut about 1700 jobs.
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