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Chile's state-owned mining company Codelco, the world's largest copper producer, has officially launched an expansion of the $1.
4 billion Salvador copper mine in El Salvador, which will extend the productive life of aging operations by 47 years and increase production by nearly 50%.
It is reported that the expansion will transform El Salvador, which has been operating since 1959, from an underground mine to an open-pit mine
.
"So far, the project has mainly relied on three underground mines
.
Juan Benavides, Chairman of the Board of Directors of Codelco, said, "New El Salvador will receive all the contributions from one open pit mine at a 40%
higher copper grade than it currently is.
”
The mine is expected to run out of ore this year, but the expansion approved in January allows Codelco to acquire an additional 796 million tonnes of mineral, grading an estimated average grade of 0.
59%
copper.
The El Salvador division, which currently has the lowest productivity of any deposit of any Chilean miner, produced just 50,600 tonnes last year, just below 3%
of Codelco's total production.
Through open-pit mining, the mine can produce 90,000 tons
per year.
Full-scale production after the expansion is scheduled to begin
in the first half of 2023.
Rajo Inca is one of six major projects the Chilean miner is moving forward with as part of its 10-year plan to upgrade its sprawling but depleted mine at a cost of
$40 billion.
Codelco, the country where all profits are handed over, has huge copper deposits, accounting for 10% of the world's known proven and estimated reserves, and about 11% of the world's annual copper production, with production approaching 1.
8 million tonnes
in 2020.
The company operates seven mines and four smelters
in Chile.
Chile's state-owned mining company Codelco, the world's largest copper producer, has officially launched an expansion of the $1.
4 billion Salvador copper mine in El Salvador, which will extend the productive life of aging operations by 47 years and increase production by nearly 50%.
It is reported that the expansion will transform El Salvador, which has been operating since 1959, from an underground mine to an open-pit mine
.
"So far, the project has mainly relied on three underground mines
.
Juan Benavides, Chairman of the Board of Directors of Codelco, said, "New El Salvador will receive all the contributions from one open pit mine at a 40%
higher copper grade than it currently is.
”
The mine is expected to run out of ore this year, but the expansion approved in January allows Codelco to acquire an additional 796 million tonnes of mineral, grading an estimated average grade of 0.
59%
copper.
The El Salvador division, which currently has the lowest productivity of any deposit of any Chilean miner, produced just 50,600 tonnes last year, just below 3%
of Codelco's total production.
Through open-pit mining, the mine can produce 90,000 tons
per year.
Full-scale production after the expansion is scheduled to begin
in the first half of 2023.
Rajo Inca is one of six major projects the Chilean miner is moving forward with as part of its 10-year plan to upgrade its sprawling but depleted mine at a cost of
$40 billion.
Codelco, the country where all profits are handed over, has huge copper deposits, accounting for 10% of the world's known proven and estimated reserves, and about 11% of the world's annual copper production, with production approaching 1.
8 million tonnes
in 2020.
The company operates seven mines and four smelters
in Chile.
