Nov. 7 (UPI) -- Chile expects to increase its gold production by 25% following the inauguration of the Salares Norte project, operated by South Africa-based Gold Fields in the Atacama region, in one of the most significant milestones for the country's gold sector in the past decade.
Located in the municipality of Diego de Almagro at more than 4,000 meters above sea level, the private gold and silver project involves a $1.19 billion investment, will generate more than 4,000 jobs and is expected to contribute about $800 million to the Chilean treasury over its operating life.
Salares Norte is projected to produce between 325,000 and 375,000 ounces in its first year.
The open-pit mine incorporates pioneering technology. It has a remote satellite monitoring center that allows operations to be supervised from Santiago, the Chilean capital. It also includes one of the highest-altitude solar power plants in the world, which is expected to reduce more than 100,000 tons of CO2 over the life of the project.
"Salares Norte not only brings investment and jobs, but also confirms Chile as a reliable partner for long-term investment and strengthens Atacama's productive base. More than 200 regional supplier companies are involved in this operation, integrating the local community into mining development and creating a virtuous value chain," Chilean Mining Minister Aurora Williams said during the inauguration.
