BHP Billiton Ltd (ASX:BHP) has approved a $US554 million investment into the Escondida Ore Access project in Chile.
Escondida is the world's largest copper mine and the project is the first of a number of development options for expanding the mine.
The latest announcement will see BHP relocate the crushing and conveying facilities, currently located inside Escondida's main pit, to improve access to higher grade ore and so supporting higher production from 2013.
The miner’s share of the cost is expected be around $319 million, based on the 57.5 per cent stake it holds in the mine.
BHP's base metals president, Peter Beaven, says BHP’s ongoing exploration program at Escondida suggests the basin retains a number of options for further development.
BHP also yesterday announced that its Olympic Dam copper and uranium mine in South Australia has progressed into the Feasibility study phase.
BHP reported a net profit of $10.5 billion for the half year ended December 31, 2010.
