The country, already the world's second largest producer of lithium, is seeking to create private-public partnerships to exploit 61% of its resource-rich territory, currently available for licensing.
Codelco Mining News
The country expects mining investments to increase 360% in the next four years compared to the 2013-2016 period as it has already granted 160 of the 420 explorations licences it put out to tender in July.
Chile closes ports servicing some of the world's biggest copper mines due to rough seas while Escondida strike looms.
Moves is expected to help the copper giant cope with a recently passed law that forces it to give 10% of its revenues to the armed forces.
While the miner is not longer being pressed to include its platinum assets in the divestment plan, the issue of how to package mines and which ones to include, remains a bone of contention.
Decision follows a fresh attack by hooded protesters who seized installations over the weekend.
About 100 hooded protesters have seized parts of the copper mine, Anglo American's biggest operation in Chile.
Production costs in Chile, the world’s No. 1 copper producer, were 5.4% higher last year when compared to its global peers’ average.
Shares were up more than 5% after the firm posted higher output across all divisions, except for copper, and said market conditions for its diamond business had improved.
Phase two of its Radomiro Tomic sulphide project and a new level at El Teniente, are the most affected projects.
Los Bronces, Anglo American’s flagship operation, is expected to produce between 600,000 and 630,000 tonnes of copper this year.
Salvador, Codelco’s smallest operation, has been battling to turn a profit after dwindling ore grades pushed up production costs.
The world's top copper miner admits to be facing its “worst crisis ever” since created in 1976.
Study shows the most efficient mines in top producer Chile now produce copper for less than $1 a pound after finding an additional 13% in savings this year.
Chile's Codelco said that it loses about 1,500 tonnes of copper output for each day El Teniente mine remains inactive.
Decision would reduce the total investment needed to $600 million from the whooping $3 billion it was originally estimated.
Codelco is facing mounting internal pressure to acquire Anglo's stake in Los Bronces mine, in which the Chilean miner already has a 29.5% interest.
For every penny copper prices drop, Codelco loses $36 million and Chile, the world's largest producing country, $50 million.
The government has set aside some $20 million through June to assist small and medium miners
Codelco says current copper rally will be short-lived.
The London Metal Exchange’s three-month copper contract fell as much as 1.4%, the most since Feb. 10, to $4,580 a metric ton.
Firms says the affected pipe only carries ground ore mixed with water.
The miner expects an output of 710,000-740,000 tonnes for 2016 as it ramps up production at its Antucoya and Centinela Concentrates mines, as well as from its share in Zaldivar mine, which co-owns with Barrick Gold.
From 2005 to 2015 Chile's copper output rose a mere 8%, while Peru’s grew 37%, China’s 114%, Zambia’s 72% and Congo’s 956%.
Codelco chairman, Oscar Landerretche, wants the government to scrap the country’s Copper Law, which forces the firm to give 10% of its annual export revenue to the Armed Forces.