BHP Billiton and Rio Tinto invest US$5 billion to expand Escondida copper plant
It’s reported that the world’s two mining giants, BHP Billiton and Rio Tinto announced to invest US$4.5 billion to expand Chile’s Escondida mine plant.
It’s known that the two companies have already spent massive money for expansion iron ore output in Australia in order to meet demand from China.
At the same time, it would increase the production capacity by 80%, leading the companies to be the biggest copper mine in the worldwide.
In addition, the copper prices seem to improve gradually and the two mining giants expected the copper demand would be likely to increase due to usage from other industry sector increased so far.