The expansion is part of a $3.4 billion underground mine development blueprint designed to lift El Teniente's annual copper output past 500,000 tonnes per annum and extend its mine life by at least 50 years. Already the world's biggest underground copper mine, El Teniente produced 465,000t in 2018.
Codelco is aiming to lower El Teniente's costs to $1/lb and boost its annual ‘surplus' to about $1.2 billion.
The state-owned copper producer is a major contributor to Chile's finances and employment.
