Study visit to the El Teniente Copper Mine located at Maitenes (East Santiago) today Thursday, 26/11/2015. The said mine is owned by CODELCO a Chilean State Owned company which generates USD16 billion a year for its copper output. The El Teniente Mine which is the largest subterranean mine with a depth of one kilometer produces output of copper in the amount of 480,000 tonnes per year and it produces 30-40% of CODELCO total copper exports. The said mine also employs 10,000 people most of whom are Chileans.
CODELCO export 65% of it's output to China, Taiwan, South Korea and Malaysia. The price of copper currently is USD2.05 per tonne.
The said visit besides to get the tech know how on how copper is being extracted from its raw form is also to assist CODELCO that currently finding suppliers and business partners in Malaysia that could assist in providing materials etc to extract Copper from its raw form. The Embassy of Malaysia in Santiago through Matrade's assistance is currently assisting CODELCO in getting list of suppliers for lime stone that can assist in the extraction process.
The mine at El Teniente started its operation since 1905 and expected to still produce copper for another 50 years.