The launch of a major new copper mining project in Chile marks a milestone in one of the world’s most important mining sectors. The $3.5 billion El Teniente project, located in the Andes Mountains, is the largest copper mining project to come online in over two decades. The project is being developed by Codelco, the world’s largest producer of the metal, and is expected to significantly boost the company’s total production. El Teniente is the world’s largest underground copper mine, and the project involves excavating over 500 miles of tunnels to reach the ore. The mine has the potential to produce over 600,000 tonnes of copper a year, with the first ore expected to be extracted by 2021.
The project is also expected to create thousands of jobs, with some estimates putting the total at more than 10,000. The project has been a long time in the making, with the initial plans first being made back in 1998. However, the project has been delayed multiple times, with environmental factors, political challenges, and funding problems all leading to the project being pushed back. It is a testament to Codelco’s perseverance that the project has finally been completed and is ready for production.
The El Teniente project is expected to help sustain Chile’s copper production for decades to come, as well as providing a boost to the country’s economy. It is also likely to have a positive effect on the global copper market, as the newly available supply of the metal will help to satisfy demand.
