Chile’s state-owned Codelco, the globe’s biggest copper producer, requested an environmental permit on Thursday for modifying its Chuquicamata Subterranea project, which will cost $720 million.
“The primary aim of the project is to integrate enhancements to the initial plan and adjustments to guarantee that MCHS (Chuquicamata) can function at the permitted production capacity” of 140,000 tonnes daily, according to the request.
The changes include an access tunnel, new haulage sublevels, 2 new the extraction tunnels for fuel, electricity, and ventilation installations.
An ambitious project called Chuquicamata Subterranea aims to turn the open-pit copper mine into an underground operation, thus extending its lifespan. Years of severe holds up and cost overruns have plagued the project.
Due to working problems and postponements in its expansion projects, Codelco’s production has dropped to its lowest point in 25 years. Hwever, the company’s top executives have promised that production will start to rise again this year.