Codelco, a Chilean state-owned company, wanted to invest US$720 million in the Chuquicamata copper mine, one of the biggest open-pit copper mines in the world, located in the Atacama Desert of northern Chile, about 1,650 km north of Santiago. The decision is to improve operations at this copper mine.

Chuquicamata has played an important role in the development of Chile’s mining industry. The mine was previously developed by the Guggenheim family in the early 20th century and then went under the control of the Chilean government. It went through some expansions and modernizations to push up its production capacity.

The open-pit mine has been a main source of copper for global markets. Copper demand is expected to increase in the upcoming years because it plays a critical role in electrical conductivity and power transmission. It enables efficient power generation and distribution which is important for renewable energy systems.