Chile’s Codelco will commence the construction of its $1.38bn Rajo Inca copper project in the next few weeks.
The mine will produce 90,000mt in the first half of 2023 and will generate 2,400 jobs, according to media reports. Rajo Inca is an operational continuity project of the company’s El Salvador Division and will mine copper through open-pit exploration of the Indio Muerto deposit. This project will help to extend the useful life of Salvador until 2068.
Codelco’s copper production rose by 0.75pc to 148,700mt in March, from 147,600mt in the same month of 2020. El Salvador Division produced 4,900mt in March, up from 4,700mt in the same month of the prior year, according to the latest figures released by the Chilean Copper Commission (Cochilco).
Chile’s copper production fell by 1.21pc to 488,700mt in March, from 494,700mt produced in the same prior-year month. The South American country’s copper production decline by 2.1pc in the first quarter to 1.37mn mt, from 1.40mt mt. Chile’s copper production is expected to increase by 3.6pc to 6mn mt this year, while copper output will reach 6.1mn mt in 2022, according to Cochilco.
Chile, the world’s largest copper producer, has increased its price guidance for copper to $3.30/lb. Copper prices reached $4.651/lb on Thursday, down by 2.69pc compared to the prior day, Cochilco noted.