This is the first initiative in the mining company's decade-long investment plan, which amounts to US$10.8 billion.

BHP will press ahead with a $2 billion plan to upgrade its concentrator at Escondida, the world's largest copper mine, as part of its investment plan in Chile, the company said in a statement on Tuesday.

BHP said the upgrade is the first initiative of its $10.8 billion, decade-long investment plan it announced in November. The statement said the company plans to submit the plan for environmental permits soon.

"It is a plan that not only allows us to maintain production in our operation, but also involves making an investment of US$10 billion that will benefit the country and the Antofagasta region," said Escondida president Alejandro Tapia in a statement.

The announcement came as Chilean Finance Minister Mario Marcel visited the mine. Most of the foreign investment in Chile, Marcel noted, comes from companies already operating in Chile that are "developing projects, finding new investment opportunities or investment needs and using the profits to reinvest in those projects."