Chile Projects $83.2 Billion in Mining Investments Through 2033

Chile mining

Chile is poised to solidify its position as a global mining powerhouse with projected investments of $83.2 billion spanning 2024-2033.

Massive Investments in Mining Projects

The Chilean Copper Commission (Cochilco) unveiled its latest study highlighting a significant increase in mining investments for the coming decade. The forecast includes 51 mining projects, up from 49 in the previous study for 2023-2032, which projected $65.7 billion in investments. This growth signals Chile's commitment to bolstering its mining sector and enhancing its global competitiveness.

Key players in Chile's mining expansion include major domestic entities like El Abra, Antofagasta, and state-run copper miner Codelco, which collectively account for 64.5% of the total investment. International stakeholders are also playing a vital role:

• Canadian companies such as Teck, Capstone Copper, Los Andes Copper, and Kinross will represent approximately 10% of investments.
• Japanese corporations, including Sumitomo Metals and Mitsubishi Corp, will contribute 5.7%.
• Australian firms, spearheaded by BHP Billiton, will make up 5.2%.

Copper Production and Diversification

The influx of capital is projected to increase Chile’s copper production capacity by 2.23 million metric tonnes annually, adding to the 5 million tonnes produced in 2023, according to the US Geological Survey (USGS). This aligns with Chile’s status as the world’s largest copper producer.

Additionally, $4.7 billion of the investments will be allocated to 15 projects focusing on "metals other than copper," including lithium and gold. Chile already ranks as the world's second-largest producer of lithium, a critical material for batteries and renewable energy storage.

Driving Forces Behind the Investment Surge

This investment boom highlights Chile’s strategic approach to capitalizing on the global demand for essential minerals. Increased copper production will cater to infrastructure and green energy projects worldwide, while lithium investments target the surging electric vehicle and renewable energy sectors.

Cochilco’s report emphasizes the country’s appeal to global mining giants and underscores Chile’s robust regulatory framework and resource-rich landscape as key factors driving foreign investment.