The world watched on television as the fate of 33 mine workers who were trapped underground for 69 days unfolded live in front of a massed media.
Screenwriter Jose Rivera, who was nominated for an Oscar for The Motorcycle Diaries, will write the script which will feature the mine's collapse and the following rescue efforts.
Producer Mike Medavoy, who previously lived in Chile for 10 years, said he couldn't think of a better story to bring to the screen.
“Like millions of people around the world, I was completely engrossed watching the rescue at Copiapo," he told the Hollywood Reporter.
"At its heart, this is a story about the triumph of the human spirit and a testament to the courage and perseverance of the Chilean people."
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