Chilean copper miner Codelco has approved an investment of US$1.2 billion for its new Diamante and Andesita projects. Both projects are part of the investment portfolio for the El Teniente mine, and construction is expected to be completed by 2023.

The El Teniente project portfolio, which includes Diamante and Andesita and the development of Andes Norte, is currently in the construction phase and will extend the productive life of the division 50 years. The total investment of the El Teniente Project portfolio is US$3 billion.

Progress of the three projects in their global construction has reached 64% and the peak of activity is planned for 2021 and 2022, according to the company.

The Diamante project includes the construction of 40 kilometers (km) of tunnels, one of them will be bidirectional, with a length of 2.5 km, which is equivalent to the El Melón tunnel. It will have a highway standard in terms of lighting and GPS location, which will deliver greater security and efficiency. In Andesita, they will construct 25 km of tunnels, 85 extraction points and other works to allow the circulation of autonomous loading, unloading and hauling equipment (LHD) that use electricity to move around, and which will be operated from Rancagua through the Integrated Operations Center.

The Andes Norte project has received an investment of US$1.9 billion and is being built at the deepest level of the deposit. The mine is expected to start production by December 2023.