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LISBON, Mar 30, 2011 (Dow Jones Commodities News Select via Comtex) --Mining titan BHP Billiton Ltd. (BHP) Wednesday said it approved the $554 million Escondida Ore Access, or EOA, project, the first of many options to expand the Chilean copper mine.
The EOA project will relocate the crushing and conveying facilities, currently located inside Escondida's main pit, to improve access to higher grade ore and thereby support higher production from 2013.
Escondida, the world's largest copper mine, produced 786,603 metric tons of copper concentrate in calendar year 2010, up 1.4% from a year before.
The EOA project, once it becomes operational, will be able to produce an extra 1.5 million tons during the company's fiscal period covering 2013-2016. BHP's fiscal year ends on June 30 of every year.
Escondida is controlled and operated by BHP which has a 57.5% stake in the mine. Anglo-Australian mining company Rio Tinto PLC (RIO) holds 30%, and a Japanese consortium led by Mitsubishi Corp. (8058.TO) holds the remaining 12.5%.
BHP's share of the capital expenditure will be $319 million, based on its shareholding in the mine. The Anglo-Australian miner expects to complete the project by the middle of 2012.
&quot;Escondida has been one of the world's premier copper mines for over two decades and our ongoing exploration program suggests the basin retains a number of options for further development,&quot; BHP's Base Metals President Peter Beaven said in a statement. &quot;In addition to the project announced today, we are studying a number of additional opportunities to improve access to higher grade ore and increase processing capacity over the years to come.&quot;
Escondida is located 170 kilometers southeast of Antofagasta.
BHP also approved the Laguna Seca de-bottlenecking project which comprises the installation of a fourth ball mill, a fifth regrind mill, and a second pebble crusher at the existing Laguna Seca concentrator. The project will increase the concentrator's throughput by 15,000 tons, the company said. 
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