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Chilean mining companies announce investments

Publication: BIS - Business Information Systems

Provider: Business Information Systems

Chilean mining companies announce investmentsChilean state owned mining companies plan to invest USD 1.5 billion in 2006. Codelco, for instance, has an investment plan worth USD 1.2 billion until 2015 which main aim is to increase production from the current 1.8 million metric tons of copper to 2.5 million metric tons. For 2006, the company plans investments in the second phase of the expansion of Andina, the beginning of the construction of Gaby and of Ministro Alejandro Hales (former Mansa Mina) mine. Codelco also plans to invest in the expansion of Codelco Norte and El Teniente. On its side, Enap focus on the natural gas. The company announced investments of USD 300 million in 2006 and its main project is the exploration of natural gas in Magallanes. Moreover, the company has drilling plans in Argentina, Ecuador and Egypt. Enami’s investments amount to USD 26 million. The company, which recently sold off its refinery Ventanas to Codelco, focus on the construction of a plant in Taltal that will increase production of copper by 200,000 metric tons. Enami also plans the construction of a plant in Vallenar and the expansion of Paipote.

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