Chile-based copper producer Codelco says it expects annual production to increase by 40% to 2.15 million tonnes in 2018 following $9.7bn investments in mine expansion and upgrade.

The 2.15 million tonnes figure also includes Codelco’s shares in the El Abra mine, according to Reuters.

Codelco’s deputy chief of corporate investment Fernando Vivanco says the investment plan will expand output as upgrades to Chuquicamata, El Teniente, Ministro Hales and Andina mines will counterbalance losses from old mines.

The state-run mining company has unveiled the new plans with hopes to increase production, which has been declining for years due to old mines and lower ore grades.

In 2008, Codelco generated 1.54 million tonnes of copper.