BHP Targets Copper Growth in Chile with $14 Billion Investment Plan

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While expanding existing operations, BHP is also eyeing acquisitions to bolster copper output

BHP, the world’s largest mining company, has unveiled plans to significantly boost copper production in Chile, targeting an annual output increase of 430,000 to 540,000 tonnes. Speaking during a tour in Chile this week, Brandon Craig, BHP’s President of Minerals Americas, shared that the company’s long-term production is expected to stabilize at 1.4 million tonnes per annum (Mtpa), up 100,000 tonnes from current levels. Central to this strategy is the Escondida copper mine, the largest in the world. BHP plans to invest between $7.3 billion and $9.8 billion into new projects at Escondida starting in 2028 to counteract ore grade declines and prepare for the closure of the Los Colorados plant. Overall, the company estimates it will need $10–$14 billion at a capital intensity of $23,000 per tonne of copper equivalent to meet its production goals.

While expanding existing operations, BHP is also eyeing acquisitions to bolster copper output. Analysts highlight a potential renewed bid for Anglo American, which failed earlier this year but may be revisited as UK takeover laws allow after this month. A successful acquisition would enhance synergies within BHP’s Chilean operations. In addition to Chile, BHP has expanded its copper footprint across South America. In July, it acquired a stake in Filo Corp., partnering with Lundin Mining in a $3 billion deal. This diversification underscores BHP’s commitment to meeting surging global demand for copper, a critical metal for the green energy transition.

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BHP Targets Copper Growth in Chile with $14 Billion Investment Plan

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