Chile's Codelco will continue open-pit mining at its Chuquicamata operation by another year, potentially boosting copper output next year, the state-owned mining giant said.
Mining in the pit was scheduled to end next month as the company switches production to a giant underground mine beneath the century-old pit, which is now more than a kilometer deep. Operations in the pit were to be restricted to the extraction of stockpiled ore during 2021 and 2022.
However, following an economic analysis and adjustments made to operations, Codelco said that it now plans to mine Phase 49 of the pit during 2021 while output from the underground mine continues to ramp up.
"Despite the complications caused by the pandemic ... we have sought and found new ways of operating which means that the pit team at Chuquicamata adapted and implemented [continuous] improvement," said Codelco CEO Octavio Araneda.
The decision reflects strong performance of the pit, which is expected to produce more than 30,000 mt of copper this year.
Codelco's mines produced 1.6 million mt of copper last year, including 385,309 mt at Chuquicauiata.
The underground operation at Chuquicamata, which was inaugurated last year, is expected to produce 320,000 mt/year of copper and 16,000 mt/year of molybdenum once it reaches design capacity, replacing production from the pit, which is becoming too deep to mine profitably.
Source: Platts |
