Codelco will invest more than $15bn in all its mining divisions over the next five years, according to executive president Jose Pablo Arellano.

The Chilean state-owned company said it wants to secure its future until 2040 and build large structural projects in the next three to five years.

Codelco said it will invest $2.3bn in its mines this year, with $3bn earmarked for yearly investments over the next fives years.

In 2009, Codelco invested $2.1bn in its mining activities.

The miner is interested in building on its Andina expansion project, which it says will be put into operation in 2017 or 2018.

Investment for the project is currently being finalised, the company said.