BHP, Rio Tinto To Funnel $4B Into Escondida Operations

Law360, New York (February 14, 2012, 7:25 PM EST) -- Australia's BHP Billiton Group and U.K-based Rio Tinto Group have sanctioned $4 billion to increase ore production at the mining companies' joint venture operations in Chile's Escondida mines over the next decade, the companies announced Tuesday.

BHP, which holds a 57.7 percent stake in the copper operation, has pledged $2.4 billion, and Rio Tinto, which holds a 30 percent stake, approved $1.4 billion. The funds will be used to replace an existing ore facility with a new 152,000 ton per day plant, and also build a...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.