BHP bets billions on Chile mines to face global copper crunch

BHP Group expects a global copper deficit of 10-million metric tons a decade from now, a shortfall that is driving its plans to spend at least $11-billion at the world's biggest copper mine, Escondida, and other projects in Chile.

BHP detailed to investors this week plans to spend $10.7-billion to $14.7-billion within about 10 years to extract more copper from Escondida and the smaller Spence mine, and restart the Cerro Colorado mine.