Chile's state copper agency Cochilco said that the country's copper production may increase by nearly 30% over the next 10 years, Reuters reported Jan. 7.
Cochilco said that Chile's output could reach a record of 7.25 million tonnes of copper as early as 2025. Numerous new projects and expansions will offset a 19% decline in production by existing, aging Chilean mines to 4.46 million tonnes per year.
"The growth in production is only possible if the new investments materialize," Cochilco added.
Codelco, in October 2017, unveiled a 10-year, US$40 billion investment program that is aimed at revamping its aging mine operations in the country.
Meanwhile, Canada's Teck Resources Ltd. received regulatory approval in August 2018 to move forward with the phase-two development of its Quebrada Blanca copper project, also known as QB2.
In addition to Codelco, Chile is home to global miners BHP Group Ltd., Anglo American PLC, Glencore PLC and Antofagasta PLC.