BHP is advancing a $2 billion concentrator optimization at Escondida mine in Chile, initiating its $10.8 billion investment plan. The project aims to enhance production and regional benefits, with environmental permitting soon to be submitted. This investment aligns with Chile’s broader foreign investment landscape, focusing on sustenance and growth in local economies.
BHP is set to advance a $2 billion optimization project for the concentrator at Escondida, the largest copper mine globally, as part of its broader investment strategy in Chile. This initiative marks the initial phase of BHP’s recently announced $10.8 billion investment plan, disclosed in November. The company is preparing to submit this plan for environmental permitting shortly.
Escondida President Alejandro Tapia highlighted the significance of the investment, stating, “It’s a plan that doesn’t just allow us to maintain production at our operation, but means making a $10 billion investment that will benefit the country and the region of Antofagasta.” This underscores the dual focus on production and regional development.
The announcement aligns with a visit from Chile’s Finance Minister Mario Marcel, who noted that most foreign investments in the country stem from existing companies that are continuously exploring new projects. This suggests an ongoing commitment to enhance investment and economic development within Chile’s mining sector.
BHP’s planned $2 billion investment to optimize the concentrator at Escondida is a strategic move within its larger $10.8 billion investment scheme in Chile. This initiative not only aims to sustain production levels but also contributes significantly to the local economy, as emphasized by company officials. The engagement with the Chilean government further illustrates a critical partnership in driving the mining industry’s growth.
Original Source: www.marketscreener.com
