Antofagasta to Invest in Chile’s Cachorro Minerals Mine

Antofagasta Mine

$220mn Investment Targets Long-Term Copper Exploration

Antofagasta has announced plans to invest $220 million in its Cachorro minerals project in northern Chile. The funding will support underground exploration and drilling of over 700 holes across the site over the next seven years.

The investment is contingent on the approval of the project's environmental impact statement, which was submitted earlier this year. This initiative reflects Antofagasta’s commitment to bolstering its copper resource base amid growing global demand.

Cachorro’s Resource Potential Strengthens Copper Outlook

Exploration at the Cachorro site began in 2017, yielding an estimated 255 million tonnes of resources with 1.26% copper grade. These grades position Cachorro as a potentially high-quality copper deposit, well suited for future development.

The new phase will include construction of horizontal development tunnels to support deeper and more efficient underground access. This signals Antofagasta’s strategic focus on long-life, high-grade assets in mining-friendly jurisdictions.

Antofagasta Aligns with Global Copper Supply Strategies

As copper demand rises due to energy transition and EV adoption, Antofagasta is reinforcing its exploration pipeline. Cachorro’s proximity to existing infrastructure enhances its economic potential and supports future operational scalability.

The seven-year program aligns with Antofagasta’s broader strategy to expand reserves and secure long-term supply resilience in Chile.

The Metalnomist Commentary

Antofagasta’s $220 million bet on Cachorro highlights the renewed global push to secure high-grade copper sources. As energy systems decarbonize, long-term copper supply will define geopolitical leverage. Chile’s stability, combined with Cachorro’s grade, makes this project one to watch.