BHP Group Ltd said Tuesday it will invest more than 10 billion in Chile to drive growth in the world's largest copper producer over the next 50 years.
Chile, which supplies nearly a quarter of the world's copper, recently elected a new left-wing government, is redrafting its constitution and is considering raising its mining royalties to fund expanded social programmes. Several copper miners have suspended investment decisions in the country while the political talks are under way.
"We love Chile. We want to live here. We want to grow in this country. But in order to do that, it will need financial stability, legal certainty and a clear licensing path, "Ragnar Udd, president of BHP Minerals americas, told the Gru-Cesco World Copper conference in San Diego.
BHP already operates Escondida in Chile, the world's largest copper mine.
BHP's investment will fund new concentrator and leach processing facilities, new mining areas and projects to help reduce the company's carbon emissions, Udd said.
"I hope I have convinced you today that, with the right investment conditions, we can provide copper in a sustainable way to support the world of the future and create social value for the communities and societies in which we operate," Udd said.
