Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Codelco Salvador’s Rajo Inca project in Chile’s Atacama region has estimated ore reserves of 796mn mt and is expected to produce 90,000mt of copper in the first half of 2023.


The $1.38mn investment is likely to add 9pc more jobs in the region and has extended mine life by 47 years.


Rajo Inca’s groundbreaking ceremony was on Aug 24 according to media reports on Wednesday. 


Codelco has also reached a 6-month agreement with supervisors at its Andina mine. The deal, voted by 92pc of union members, includes a $6,500 bonus per employee and incentives for meeting production goals, however, there is no mention of increased wages.


Three unions had rejected a previous offer from Codelco in mid-August, citing it wasn’t meeting expectations.



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