BHP said Chile’s Antofagasta Environmental Assessment Commission approved the
first major environmental permit for the Escondida expansion, enabling the
roughly $14.7bn project to move forward. The permit covers early-stage sulfide
leaching and power upgrades costing about $1.3bn; further major upgrades to the
mine and processing facilities remain subject to later approvals. Escondida is
the world’s largest copper mine; BHP holds 57.5%, Rio Tinto 30% and the
remainder is held by a Japanese consortium. BHP aims to double annual copper
production to over 2.0mt by the mid-2030s, a target heavily dependent on its
Chile operations. The company expects to invest $10.7–14.7bn in Chile over
coming years and has applied for permits for a $1.5bn restart of Cerro Colorado
and a $5.9bn new concentrator.
