BHP is set to inject US$2 billion ($3.16 billion) into optimising the concentrator at Escondida, the world’s largest copper mine.

This investment is part of a larger US$10.8 billion (10.18trn pesos) commitment to its Chilean operations.

The company intends to submit the plan for environmental permitting shortly.

The announcement coincided with a visit to the mine by Chilean Finance Minister Mario Marcel.

He emphasised that the majority of foreign investment in Chile comes from established companies like BHP, who are expanding and reinvesting in their current projects.

This initiative marks the beginning of a decade-long investment strategy announced by BHP in November 2024.

Escondida President Alejandro Tapia stated: “It is a plan that doesn’t just allow us to maintain production at our operation, but means making a US$10 billion investment that will benefit the country and the region of Antofagasta.”

Escondida has demonstrated strong performance, with copper output increasing by 22 per cent in the first half of the 2025 financial year.

This contributed to an overall production increase of 10 per cent, reaching 987,000 tonnes.

Copper production is increasingly vital as the world transitions to lower-emission energy sources. BHP anticipates a global copper deficit of 10 million tonnes within the next decade.

To address this demand, the company plans to invest at least $11 billion in Escondida and other projects throughout Chile.

Further solidifying its commitment to copper, BHP, in partnership with Lundin Mining, recently finalised the acquisition of Filo, a Canadian exploration and development company, for CA$4 billion (US$2.78 billion).

This acquisition grants both companies a 50 per cent stake in Filo and its FDS copper project, located in the Atacama region of Chile.