BHP will spend up to $10 billion over the next four years to upgrade the world’s largest copper mine, Escondida in Chile, underscoring how mining majors are keen to increase production of the red metal.
On Monday, the Australian-listed mining company outlined plans to develop its copper assets in Chile, including up to $5.9 billion to replace one of Escondida’s concentrators and up to $2.6 billion dollars to expand an existing concentrator there.
Over the next four years, total capital spending at Escondida will be $7.5 billion to $10.1 billion, with an additional $2.8 billion to $3.9 billion for the smaller Pampa Norte mine, said the company to investors visiting its Chilean mines.
This year, BHP made an unsuccessful £39 billion bid to buy rival Anglo American, partly to acquire its copper assets.