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38

Chile Gets Serious About Copper

Billions will be spent in aggressive exploitation plans...

The Chilean Copper Commission (Cochilco) has stated that between 2004 and 2007, projects related to copper mining will total US $ 5.44 billion, of which US $ 2.68 billion will be spent by the State-owned company Codelco, while the remaining US $ 2.78 billion will correspond to private investment.

In addition, projects lined up for after 2007 will require an additional US $ 320 million to bring the total figure up to US $ 5.76 billion.

Codelco has reported that it has an authorized investment of US $ 463 million for the period of reference, of which US $ 140 million will be directed to Codelco Norte; US $ 23 million to El Salvador:US $ 4 million to Andina:US $ 241 million to El Teniente; and US $ 55 million to its headquarters.

The investment breakdown is in line with the company's plan to modify its mining operations by expanding its underground production.