Chile’s Chuquicamata mine anticipates producing 389,000mt of copper this year.
The mine, owned and operated by Codelco, forming part of its Norte division, expects a surplus of $700mn from these operations during the year.
Additionally, the company said that it aims to competitively price and trade copper during the year and has fixed the price at $95.7/lb.
Chuquicamata, one of the largest open-pit copper mines, and second-deepest open-pit mine, in the world. It is located 1,650km north of Santiago. Codelco said the mine has a 40-year lifespan.
The company hasn’t disclosed its 2019 production, but, the mine produced 320,744mt of copper in 2018.
Chilean copper output decreased by 6.2pc to 504,366mt in November 2019, compared to the same month 2018, according to National Institute of Statistics data.