In an interview recently the CEO said they could have an acquisitions budget of $10 billion and they are starting to look at North America again. Didn't Elmer say something in Liddy's presentation about 2013 being a big year in the sector for M&A?

"... it is looking to external exploration ventures, particularly in North America, to ensure long-term growth.

"We believe that North America is again a more competitive area for copper production. The reason why [the region] lost the position that it had as one of the major copper producers was mainly related to dropping ore grades," said Mr. Hernandez.

"Now and longer-term, the grades in North America are not too different from the grades that we have in Chile. Chile is still better on average but that will not last forever and in less than ten years we will be at similar grades," he added.

At a presentation at the London Stock Exchange last month, Mr. Hernandez noted Finland, Australia, Zambia and Canada as other potential areas for production expansion. The company has also said it may take an "opportunistic approach" to acquisitions.