South32 is set to invests $2.05 billion USD in Chile – Western Australian based South 32 has invested in its biggest venture yet, a copper mine in the Sierra Gorda project.

South32 will pay Sumitomo $US1.55 billion upfront for the 45 per cent stake with a possible further $US500 million payment depending on certain production hurdles being met, the Financial Review reports.

Copper is a much needed commodity for the renewable energy sector, with significant copper demand expected as wind and solar farms pop up across the world.