The world's largest copper miner, Codelco, says it plans to invest a record US$2bn in expansion and other projects in 2008.
The company plans to invest US$241m of the money in the new Gaby mine in Chile, due to go into production next month, writes Reuters.
The Gaby mine will produce 100,000t in its first year of output.
"We are in the middle of strong investment activity ... to recover, replace and maintain our productive capacity," Codelco Chief Executive Jose Arellano told reporters in Santiago.
Arellano says the company will also invest US$385m in the continued expansion of the Andina copper mine in 2008.
Codelco was down 80,000t of copper through the third quarter in 2007 compared with the same period for 2006, with the national media predicting a drop in copper production of around 100,000t.
By Ozge Ibrahim
