PUBLICATION

Global Business Reports

AUTHORS

Imara Salas, Meredith Veit, Kevin Norchi

Chile Mining 2017 Pre-Release

July 07, 2017

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 micro representation of the mining industry at large. Since 2013, the portfolio of mining investment projects in Chile has declined significantly, from approximately $110 billion to $50 billion.

The purpose of GBR’s report, however, is not to examine the flotsam of a shipwrecked mining economy. Rather, 2017 is quite an exciting time for the Chilean mining industry. Not only does Chile still produce 30% of the world’s copper — Chile produced 5.55 million tonnes in 2016, representing a year-to-year decrease of only 4%, according to COCHILCO, the Chilean Copper Commission — but it is also essential to recognize that $50 billion of investment is no paltry sum. Chile’s total copper exports in 2016 accounted for $26 billion in revenue, matching 2009’s copper export revenue, which was the low point before the most recent mining boom. 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.

RELATED INTERVIEWS MORE INTERVIEWS

SONAMI is Chile’s chamber of mines and is looking to attract medium sized exploration and production to Chile.
Tembo Power is developing hydropower projects across Africa with a focus on DRC.
Chesser Resources is upbeat about its Diamba Sud gold resource in Eastern Senegal.
Robocon speaks with GBR about the outlook for its services in Peru.

RECENT PUBLICATIONS

Chile Mining 2024 Pre-Release

The Chilean mining renaissance has begun. In 2024, the country is set to experience its first increase in copper production since 2018, driven by Codelco’s production surge and Teck Resources’ Quebrada Blanca II coming online. This year also saw the first major regulatory update since 1983 with amendments to Law No. 21,420, which modernized the mining framework. The government has shown strong support for the industry by committing to reduce permit processing times by a third and proposing 20 actionable measures to streamline processes. Additionally, Chile classified its 69 saline environments, leaving 31 open for private development and initiating a request for information process in April to rapidly advance these areas.

MORE PREVIOUSLY PUBLISHED

MACIG

"We plan to double our copper production by the end of the decade. There remains significant upside potential in the gold industry, and the copper operations are strategic and additive to that."

SUBSCRIBE TO OUR NEWSLETTER