The company said it has reached an understanding with the government that will allow it to continue to operate its Grasberg mine.
Chile expects miners in the country to sharply increase their investments over the next 10 years, with 90 percent of funds going toward copper projects.
Copper prices hit a fresh two-year high this week, supported by upbeat Chinese data, supply disruptions and a weaker dollar.
Major copper miners Glencore, BHP Billiton and Freeport-McMoRan were on the rise after copper prices reached their highest level since May 2015.
Compania de Minas Buenaventura could increase copper production at its Marcapunta mine if copper prices continue to surge.
Up to 6,000 workers in Indonesia will continue to protest for another month, putting copper supply from Grasberg at risk.
A production disruption at Freeport-McMoRan’s Grasberg copper mine, the second-largest in the world, pushed prices higher this week.