The group of miners, whose dramatic 24-hour rescue was televised across the world, became sensations when they managed to escape relatively unscathed after being trapped underground for 69 days following the collapse of a tunnel.
Hollywood bigshots, including actor Brad Pitt, were eager to get their hands on the film rights, but it is award-winning filmmaker Medavoy who will bring the astonishing tale to the big screen.
He says, "Like millions of people around the world, I was completely engrossed watching the rescue at Copiapo. 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. I can't think of a better story than this one to bring to the screen."
One the miners, Juan Andres Illanes, tells the Hollywood Reporter, "One year after the collapse of the mine, we consider this to be a great step towards the realisation of a film based on our experience in the mine. This is the only official and authorised film about what we lived in the San Jose mine. Much of our story has never been told."
Oscar-nominated screenwriter Jose Rivera, who penned the 2004 drama The Motorcycle Diaries, will adapt the story.