A diversified natural resources company and among the world’s largest producers of major commodities, including aluminium, coal, copper, iron ore, manganese, nickel, silver and uranium, and has substantial interests in oil and gas. I have a holding in my income portfolio (epic code: BLT).
BLT announced yesterday that they have approved an investment of US$1,972m to sustain operations at Escondida in Chile, by constructing a new 2,500 litre per second sea-water desalination facility.
BLT operate the Escondida copper mine in partnership with Rio Tinto and JECO; BLT's share of the mine is 57.5% and the investment is their share of the cost. Work will commence this month and is expected to complete in 2017.
Escondida is located 3,100 meters above sea level in the Atacama desert, 170km South-East of the City of Antofagasta.
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