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Codelco Halts Mine Expansion Over Seismic Risk

Bloomberg Markets •
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Codelco, Chile's state-owned copper giant, has halted expansion work at its El Teniente mine, the world's largest underground copper mine, due to newly identified seismic risks. This decision comes exactly one year after a devastating rock burst at the mine claimed the lives of six workers.

The expansion project, aimed at extending the mine's operational life, is now on hold as the company assesses the new seismic threat. The incident has raised serious concerns about safety protocols and risk management within the company, particularly at its flagship operation.

El Teniente, located in the Andes mountains, has been in operation for over a century and is crucial to Codelco's production. The suspension of this vital expansion underscores the gravity of the seismic findings and the company's commitment to prioritizing worker safety following the tragic accident in 2023.