Codelco is planning to invest $2.2bn in the construction of the Ministro Hales copper mine in the northern Chilean region of Antofagasta.

The company said the mine will produce 163,000t of fine copper a year.

Production is expected to start in late 2013 and nearly 289 million tons of copper will be mined over a period of 14 years.

The mine has an estimated copper reserve of more than 1.3 billion tons, with an average copper ore grade of 0.96%, according to Reuters.