Aging Copper Mines Are Turning Into Money Pits Despite Demand

The Codelco Chuquicamata open-pit copper mine, near Calama, Chile, in 2018.

2024-04-17    

To get a close-up look at how the confluence of factors is restraining supply, travel almost 1,000 miles north of Chile’s capital to Chuquicamata, where copper has been mined since pre-Columbian times. (A mummy dating from circa 550 A.D. was unearthed in an old mine shaft in the late 19th century, the apparent victim of a rock fall.) The world’s largest open-pit copper mine in terms of excavated volume, Chuqui, as locals call it, appears in satellite images as some terraced city buried into the Mars-like landscape of the Atacama Desert. Copper pulled from the 2,350-acre pit has helped turn Chile into the world’s No. 1 supplier of the metal—and one of the most prosperous nations in Latin America.

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