Codelco, the world’s top copper producer, has been granted an environmental permit to expand its Salvador mine.
The project will be developed at a cost of $1bn and 900mn mt of copper reserves, the Chilean company said in a statement.
Part of Salvador’s expansion is construction of the Rajo Inca mining project, which will boost annual copper production by 30c to 90,000mt from 60,000mt.
Rajo Inca’s construction will begin in late H1 2020, with copper extraction slated to commence next year.
The Salvador mine will only be able to produce copper until 2021.
Codelco produced 1.7mn mt of copper in 2019, declining by 5.6pc from 1.8mn mt the year prior.