Chile's national copper industry intends to extend the life of the Radomiro Tomic copper mine until 2030

Codelco, Chile's national copper company, the world's largest copper producer, said on Tuesday it had received approval from regional environmental regulators to extend the useful life of its Radomiro Tomic mine until 2030, an important part of
Chile's major plan to maintain production.

Codelco said the Radomiro Tomic mine, which was due to end operations in 2022, produced 261,000 tonnes of copper in 2020, but advances in technology and processes will allow it to utilize more resources
.

"Due to the incorporation of new mining resources, it is possible to extend them for another 7 years from 2023," Codelco said in a statement, however, additional investments
will be required to maintain production.

Codelco is working on a 10-year, $40 billion program to upgrade its mine network, while Chile is the world's largest copper producer
.
In recent years, many mines in the country have suffered from a sharp decline in ore grade
.

A company executive said in a statement: "The next five years will not be easy for Radomiro Tomic due to the deterioration of mining assets, so it is key
that we continue to be rigorous, innovative and productive.
" ”