Meanwhile, it has yet to decide whether to restart a sales process for its 80% stake in the Zafranal copper mine in Peru.

Chilean copper mining is facing its biggest regulatory threat since the industry took off more than three decades ago.

Left-wing presidential candidate Pedro Castillo just added a tax on copper sales to his platform.

The makeup of the constitutional assembly leaves miners like BHP Group and Anglo American Plc vulnerable to tougher rules surrounding water, glaciers, mineral and community rights.

Global output growth will average 2.4% over 2021-2025 compared to -2.0% over the previous five years, according to Fitch Solutions.

A union representing workers at BHP’s Escondida and Spence mines has rejected the company’s contract offer, raising the risk of a strike.

Pedro Castillo would raise taxes and royalties on Peru's key mining sector and renegotiate the tax contracts of large companies if elected.