The figure, though significant, is minor when taken in the context of Codelco’s $18 billion investment plan aimed at upgrading its aging mines and dealing with dwindling ore grades.
Results of the Preliminary Economic Assessment show Cangrejos is one of the world's top 15 undeveloped gold projects based on its average annual production potential.
Miners are urging the government to lift a six-year ban on large-scale projects in the Philippines after the state removed restrictions on smaller ventures.
The miner, which has set an exploration objective of adding one million gold equivalent ounces to Cerro Moro's mineral inventory, has hiked its exploration budget for 2018 to $11.2 million from $9 million.