Chile's top copper producer to invest $5 bn this year

Chile's state-owned Codelco, the world's largest copper producer, said Friday it will invest $5 billion on existing and planned projects this year.

Of that amount, $2.89 billion will go toward extending the useful life of mines, Codelco said in a statement.

Codelco accounts for 11 percent of the world's copper supply.

Between Codelco and other privately held companies, Chile produces 5.6 million tons a year of copper -- a third of the world's output of the metal.

Last year, Chile's copper exports fell 9.4 percent.