CRU CESCO BHP eyes $10 bln Chilean investments, but only with ‘legal certainty’

Katie R. Ochoa

March 29 (Reuters) – BHP Group Ltd (BHP.AX) said on Tuesday it will spend extra than $10 billion in Chile to gasoline growth in the world’s major copper making nation for the subsequent 50 many years, but only under specific regulatory and fiscal situations.

Chile, which supplies approximately a quarter of the world’s copper, a short while ago elected a new leftist authorities, is redrafting its constitution and looking at boosting its mining royalty to fund expanded social systems. Many copper miners have paused expense conclusions in the place while the political negotiations engage in out.

“We enjoy Chile. We would like to keep right here. We would like to develop in this country. But in order to do that, it will call for fiscal steadiness, legal certainty and a very clear pathway to allow,” Ragnar Udd, BHP’s president of minerals, Americas, explained to the CRU-CESCO Environment Copper Meeting in Santiago.

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BHP now operates Chile’s Escondida, the world’s premier copper mine.

Udd spoke at the convention not very long after Marcela Hernando Pérez, the new Chilean mining minister, who stated that Santiago does not approach to nationalize the country’s mining sector. Perez had left by the time Udd spoke.

Udd explained that the investments from BHP would fund a new concentrator and leach processing facilities, new mining locations and initiatives to support minimize the company’s carbon emissions.

“I hope that I have persuaded you today that underneath the appropriate expenditure problems, we can produce copper to support the entire world of the foreseeable future in a way that is sustainable and generate social benefit for the communities and societies in which we work,” Udd explained.

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Reporting by Ernest Scheyder and Fabian Cambero
Enhancing by Marguerita Choy

Our Expectations: The Thomson Reuters Have faith in Principles.

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