El Teniente Mine

In Jul/09, in El Teniente division, the feasibility phase was approved for the New Mine Level project y the preliminary construction work required to complete it as scheduled, ensuring continuous operations at output rates of 137,000 tpd. It´s equivalent to an output rate of approximately 430,000 tpy of fine copper at the Division. The project leaves open the option to start the expansion work in the future to process 180,000 tpd by 2020. The New Mine Level project includes 2.5 billion tons in reserves grading an average 0.84%.

During 2008, the company advanced the Pilar Norte project in El Teniente mine. With an investment of US$133 millions, it will contribute 55,000 tonnes of fine copper per year; thanks to minerals grading an average 1.32% Cu. Pilar Norte will replace the production of other sectors of the mine which are in a depleting process. By the other hand, the prefeasibility study of the Nuevo Nivel Mina (New mine level) project was concluded which will allow mining the deposit El Teniente by additional 50 years, with a total investment of US$1,480 millions, the New Mine Level will be in operation by 2017.

The investments are based on the consolidation of the Teniente Development Plan to maintain a fine copper production above 430,000 tons annually in the long term. At the beginning of 2007 the Pilar Norte project began with an investment of US$ 100 million. Its estimated start-up will be mid 2009 and once functioning, it will contribute 17 ktpd of mineral with a copper grade of 1.32%. Progress continued on the prefeasibility study for the development of the sector denominated Nuevo Nivel Mina. The objective of the project is the exploitation of the El Teniente mine for the next 40 years at a depth below the production sectors and existing transportation. Its operation from 2017 on, will not only allow Codelco to maintain current production levels, replacing depleted mines, but also add important mineral volumes.