Chile and China make huge investments.

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Chile and China make huge investments.

The plans shape part of a 2.3 billion USD record asset package publicized by Codelco last week.

Experts insist that this project is necessary for the long term outlook of the firm.

“If Codelco wants to survive it needs new projects like the subterranean mine,” said former Codelco president Marcos Lima.

Codelco chiefs submitted an environmental impact assessment (EIA) to regional environmental authorities on Friday. The EIA tackles environmental concerns concerning bigger gas emissions and the impact of tunnelling operations on local aquifers.

The company hopes to start construction later on this year with an initial 25 million USD investment. Codelco expects the project to take eight years to finish and estimates a 42-year lifespan for the mine. Reports propose that subterranean reserves exceed 4 billion tons of copper and 310 million tons of molybdenum.