Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Chilean state copper miner Codelco expects its Chuquicamata underground mine to reach processing capacity of 140,000 metric tons a day by 2030, the mine’s head said on Tuesday.
The site, which is being converted from an open-pit mine to an underground mine, will also see a month-long stoppage next year to swap out the conveyor belt, said underground mine manager Nicolas Jamett during a visit to the project.
“We are looking at the best date,” Jamett said, referring to the conveyor belt swap. He added the work could be completed in less than a month.
The century-old mine – one of the world’s largest – is crucial to Codelco’s production plans as it looks to revamp its core projects to make up for declining ore quality.
Development plans have been plagued by delays, with Codelco warning in August that maximum capacity could be postponed by two or three years.
In January, Codelco submitted an environmental permit application to invest $720 million more in transforming the site, also known as “Chuqui,” to clear bottlenecks limiting production.
Codelco’s production has fallen to its lowest level in 25 years due to operational problems and project hold ups, but senior executives have given assurances that this year production will begin to recover.
(By Fabian Cambero and Kylie Madry)
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