Future

Investment and projects

We assigned US$ 3.34 billion to our investment portfolio in 2015

We have a structural project portfolio at Codelco. these projects are currently in different progress stages. Bringing this development to fruition is part of the transformation needed in order to ensure the company's future.

We need to compensate for natural deterioration of ore grade at the current deposits, boost productivity and add new production in order to keep Codelco at the forefront of the global copper industry.

Innovation and technology

The major challenges we face as a company go beyond our processes and require the generation of solutions, disruptive and innovative technologies.

Simultaneous execution of complex structural projects within deadlines, agreeing on sustainable development with our neighboring communities, being competitive, increasing productivity, cutting costs and working in maximum safety conditions are part of Codelco's upcoming challenges. We know that achieving these goals requires the generation of innovative solutions for the company's main production processes. Innovating, approaching management differently, and seeking new ways of doing things are essential when it comes to achieving better, more inclusive and sustainable mining practices.

Exploration

Mining exploration is the first link of the value chain for our business model and part of the company's strategic plan. This is an essential, ongoing activity that ensures Codelco's position in the copper market.

Codelco's mining exploration contributed approximately 67 million tonnes of fine copper into the company's resources and reserves inventory between 1991 and 2015. 73% of this was within district limits.

Mineral resources and reserve

At Codelco we report the mining asset inventory by differentiating between mineral resources and reserves in accordance with current legislation. In addition, we report geological resources indicating the potential of deposits identified to date.

Geological resources –which are classified as assessed, indicated and inferred resources– are produced by the exploration process and are estimated based on geoscientific models. When these geological resources evidence economic interest with reasonable likelihood of eventual extraction, they are known as mineral resources.