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

Chilean state-backed miner Codelco will invest $1.38bn to build Rajo Inca copper project in Atacama, expanding production from the region.


The mine will increase its output from 60,000mt of fine copper to 95,000mt in the first half of 2023, Codelco said in a statement on Jan 5.The Rajo Inca project will commence operations in H1 2022 and work on operational continuity of the current installations at Codelco’s Salvador Division, through open pit mining of the Indio Muerto deposit, extending the region’s operational mine life by 47 years.


Codelco produced 159,000mt of fine copper in October 2020, up 3.5pc from a year ago. In January-October 2020, Chile’s total copper production rose by 0.3pc to 4.74mn mt over the same period in 2019.  The country’s 2020 output is expected to be 5.8mn mt as per the Chilean Copper Commission (Cochilco). Copper prices reached $3.59/lb on Jan 5, according to Cochilco data. 



Leave a Reply

Your email address will not be published.