BHP will spend as much as $10 billion over the next four years upgrading the world’s largest copper mine, Escondida in Chile, underscoring how eager major mining companies are to increase production of the red metal.

On Monday, the Australian-listed miner outlined plans to develop its copper assets in Chile, including up to $5.9 billion to replace one of its concentrators at Escondida and as much as $2.6 billion to build an existing concentrator there to expand.

Over the next four years, total capital expenditure at Escondida will be $7.5 billion to $10.1 billion, with a further $2.8 billion to $3.9 billion at the smaller Pampa Norte mine, the company told Chilean investors visited mines.

This year, BHP made an unsuccessful £39 billion bid to acquire rival Anglo American, partly to acquire its copper assets.