Chile's state copper company Codelco, the world's largest copper producer, announced on Wednesday that it would soon break ground on a $1.4 billion project to extend the life of its old Salvador mine to 2068.
Codelco said in a statement that the, Rajo Inca project aims to transform Salvador from an underground mine to an open-pit mine, which requires the company to first peel off the rock that covers the deposit.
"We will start work in the next few weeks to reach production of 90,000 tons in the first half of 2023," the company said in a statement. "
Codelco is embarking on a 10-year, $40 billion plan to upgrade its large but aging mines. In recent years, these mines have been affected by the sharp decline in ore grade.
The Salvador copper mine, which has been operating since 1959, produced only 50600 tons last year, less than 3 per cent of Codelco's total output, the lowest of all copper mines.
In January, the company's board of directors approved the plan and its financing.
