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...
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