The 52-year-old actor is set to portray the role of Mario Sepulveda, a charismatic miner known as "Super Mario", reported Ace Shoowbiz.
The feature will dramatize the events of the 33 miners' struggle for survival after having been trapped underground for 69 days and the international effort to rescue them.
Actors Martin Sheen and Rodrigo Santoro join Banderas in supporting roles.
The film will go on floors this fall in Chile.
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