The $1.6 billion Rajo Inca project seeks to extend the life of the small Salvador Division, which produced 53,000 tonnes of copper last year.

BHP said in a statement that higher taxes would make Chile more expensive than other top mining jurisdictions like Australia, Canada and Peru.

Company has approved extending talks on forming a mining venture between its subsidiary Altantico Participacoes and Bergnol Holding Limited.

Barrick's controversial gold and copper mining project was previously ordered to shutter by the country's environmental regulator in 2018.

PGMBM, which has also brought class-action type suits against other large corporates including Volkswagen AG and British Airways, has received the funds from investment firm North Wall Capital LLP.

The world's appetite for the red metal will reach 53 million tonnes annually by mid-century – more than double current levels – but falls short of supply by 2.7 million tonnes without more recycling and mining.