Codelco's longer term ambitions undiminished: targets 2.5m tonnes a year

La Tercera reports Chilean giant copper Codelco is targeting an annual production of 42%, to 2.5 million tons of copper, by 2021.

Codelco CEO Thomas Keller (pictured) said the company's plans for the next 10 years include the expansion of the Andina mine and the construction of a new underground levels at the El Teniente and Chuquicamata mines.

Estrategia reports the state-owned company, by far the largest producer of the red metal, will invest around $5 billion in 2013.

The Ministro Hales copper project will come on stream in March 2013 and should be be fully operational towards the end of the year.

It's not only Codelco that has big plans for copper production in Chile.

Antofagasta Mineral's Antucoya project, according to CEO Diego Hernandez could require capital investment of up to $2 billion.

The London-listed miner's board is currently considering whether to greenlight the project.

The Copper Study Group, a market research company, predicts with some expansions and project startups occurring in 2013, mine production is expected to increase by around 6.4% to 17.5 million tonnes.

Preliminary figures indicate a modest 2.9% expansion of supply in 2012 after three years of stagnant global mine output.