Chile's state-controlled miner Corporación Nacional del Cobre (Codelco), considered the world's largest copper and molybdenum producer, is engaged in the exploration, processing and marketing of copper ore resources, molybdenum and other byproducts such as gold doré and sulfuric acid. Founded in 1976, the company today operates through four mining divisions: Codelco Norte (including Chuquicamata and Radomiro Tomic mines), Salvador, Andina, and El Teniente; the Ventanas smelting and refinery division; and miner Gaby. Codelco recently announced plans to separate its Chuquicamata and Radomiro Tomic mines in northern region II into independently managed operations as part of a restructuring plan to improve efficiency, productivity and cost control. It also maintains the world's largest copper reserves, representing more than 70 years of operations at current production levels. The firm's subsidiaries, associates and joint ventures engage in mining, metal trading, power generation and distribution, mining research and development, investment activities, port operations, health, and pension fund administration. Codelco is headquartered in Santiago, Chile.
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