Two of the biggest mining firms in the world, Rio Tinto PLC and BHP Billiton Ltd are teaming up to invest over USD 4 billion to boost their copper output, according to their announcement on Tuesday.
Rio and BHP have staked their investment on a high copper...
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Two of the biggest mining firms in the world, Rio Tinto PLC and BHP Billiton Ltd are teaming up to invest over USD 4 billion to boost their copper output, according to their announcement on Tuesday.
Rio and BHP have staked their investment on a high copper demand worldwide as they approve plans for USD 4.5 billion expansion of their Escondida mine in Chile. BHP is even reopening their copper mine that has been out of commission since 2009 due to the global fiscal crisis.
The mining site that will produce molybdenum concentrate and copper is expected to have a yearly production of around 60,000 tonnes. Moreover, BHP expects that this resumption of operations will provide for 650 new jobs.
Majority of the money is set to be invested in the Escondida operation located in the southeastern part of Antofagasta, Chile. In addition to this, BHP is also planning to resume its operations at the Pinto Valley in Arizona before the year ends.
The recovery in ore grades combined with current work at
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