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.