LONDON, Sept 30 (Reuters) - Chile's Codelco is planning

to invest nearly $6 billion next year in its pipeline of

projects, about $1 billion more than the state-owned mining

giant had previously estimated, its Chairman Maximo Pacheco told

Reuters on Monday.

Codelco is planning to spend about $4.7 billion this year in

projects to upgrade its mines which include Chuquicamata and El

Teniente mine with the world's largest underground copper

deposit.

The projects have been delayed for years due to cost

overruns totaling billions, accidents and operational problems.

They have failed to deliver a promised boost in production,

according to the company's own projections.

The final capital expenditure number for 2025 will be

approved at a board meeting in December, Pacheco said.

"We know the company will increase its debt next year to

continue to support the projects ... the money we are spending

as capex is very attractive in terms of its economics."

Chile is the world's largest copper supplier and Codelco

accounts for just over a quarter of the country's output. It is

a major contributor to the country's finances.

Codelco earlier in September purchased Enami's 10% stake in

Teck's Quebrada Blanca mine in northern Chile for $520 million,

which Pacheco said would be paid for with cash.

Pacheco said Codelco will produce 1.325 to 1.352 million

tons of copper this year and that production should be higher

next year, without giving a number.

Its production fell in 2022 and 2023.

"This is a matter of concern to us because we realised that

copper is very important in today's world for energy

acquisition, enhancement of the infrastructure, renewable

energy, and artificial intelligence with all the requirements of

data centers."

China remains a strategic market for Codelco as it is

typically a deficit market and needs copper imports. Codelco is

working on diversifying its markets, but Pacheco said "nothing

will change dramatically in our portfolio".

Pacheco said Codelco is open to collaborating on joint

ventures with Saudi Arabia, which is aiming to invest in mining

assets around the world.