Codelcowill slow down expansion plans for its Rajo Inca copper project, part of the operation in Chile,Reuters reported April 25, citing company CEO Nelson Pizarro.

"Originally we were looking at 130,000 tonnes (of processing)per day … likely in about five years' time we'll start processing from Rajo Incaat a rate of between 35,000 and 40,000 tonnes per day," Pizarro said.

The state-owned copper miner has curbed spending by US$6 billionover the next five years amid falling copper prices, which would substantially cutits production targets.

The company will reach an investment decision in the next twoyears.

"Now we're going to take a little longer to see if we dothat project, and if we do, at what level of production," Pizarro noted.