PUBLICATION
Chile Mining 2017 E&MJ Report
It is no secret that the global downturn in commodity prices has left mining jurisdictions across the world reeling since 2013. Chile, whose mining sector comprised 20% of its total GDP as recently as a decade ago, is no exception. As a country whose economy has historically depended on mining and whose national budget is pegged to the price of copper, Chile serves as a microcosmic representation of the mining industry at large. 2017, however, is quite an exciting time for the Chilean mining industry. Not only does Chile still produce 30% of the world’s copper, but it is also essential to recognize that $50 billion of investment is no paltry sum. If history repeats itself, then the optimism stemming from an expectedly sustainable rise in the price of copper and an imminent influx of foreign investment is warranted.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
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