Since copper was more or less nationalized in Chile under Pres. Salvador Allende, Codelco has developed few? or is it no? new deposits of copper. Almost all the new mines have been built by multinationals. Codelco said today it approved spending $2.1 billion to build the new Ministro Hales mine, projected to produce 163,000 tons a year by the end of 2013. Interesting to see the company breaking out of its disinvestment cycle now — there were some worries that having big-business guys running both the country and the company would cause Codelco to get gutted.