Escondida produces more than 1 million tons of copper per year, which is about 5% of the global production. That is even more than the entire copper produced in Zambia, a country well known of its copper production and mines.
The deposits in Atacama Desert was discovered in 1990. Since then, the mine was built. It consists of two quarries, developed at an altitude of 3000m above sea level. The mine became the world’s largest and biggest copper mine in 2011.
We said before that copper doesn’t have the same price as gold and silver In fact, gold is 9000 times more expensive than copper. The copper price is approximately $6 per 1kg. On the other hand, gold costs more than $48,724 per kg, while silver costs more than $550 per kg. However, copper is in extremely high demand right now. Why? Here are some reasons for that.
On the other hand, people buy silver and gold when they are afraid about the global economic situation and the level of debt.
Escondida is located in Chile, in the Atacama Desert. The place is geologically related to three porphyry bodies intruded along the major Chilean West fissure fault system.
There are two quarries, Escondida and Escondida Norte. The total reserves of the copper mine are projected at 3,900Mt. That includes the Escondida Norte project. With the current pace, mining operations can go for more than 30 years. If the demand for copper increases, and the production mines more, the ore might exhaust its reserves faster.
Escondida is a conventional open-pit operation. The mine processes sulphide and oxide ores. The mining fleet of Escondida consists of nine Bucyrus 495-B Erie loading shovels, 24 Caterpillar 793B, 28 Komatsu 830-E and 23 Caterpillar 793C dump trucks. The trucks have a 218ft capacity.
The mine uses eight Bucyrus 49-R and 49-RII electric drills plus an Ingersoll Rand DM2 diesel drill. The mine ore is hauled to two semi-mobile in-pit crushers for a primary reduction before conveyed to the coarse ore stockpiles.
The financial crisis of 2007-2008 is also known as the global financial crisis. It was a severe worldwide economic crisis considered by many the most serious financial crisis...