The Chilean Copper Commission (Cochilco) published this Wednesday the report “Investment in Chilean Mining: Project Portfolio 2024 -2033” which considers the projects that mining companies plan to materialize in the next ten years in the country.

The report was presented by the Minister of Mining, Aurora Williams; the Minister of Economy, Development and Tourism, Nicolás Grau; and the Executive Vice-President (s) of Cochilco, Claudia Rodríguez.

The Minister of Mining announced that this report includes 51 initiatives valued at US$ 83,181 million, an amount that is 26.6% higher than the previous registry, making it the highest in the last ten years.

“These figures show how our country offers a stability that allows the industry to project itself into the future. Historically, we have been recognized as a country with a stable legal and constitutional framework that provides security to investors. Chile has clear rules for mining activity, from the granting of rights to environmental protection. This regulatory clarity allows investors to plan and execute projects in a predictable and safe manner”, said the Minister.

Minister Grau, for his part, stated that “this is good news for our country. This portfolio of 83 billion dollars is based on a thorough work and a stable methodology in Cochilco’s time, being the highest value projected since 2014. This large wave of investment is going to be a relevant opportunity for suppliers to large mining and, of course, when there is such a large wave of investment, the permitting agenda being promoted by the Government takes on much more relevance. Our estimates are that permit processing times for large mining projects could be reduced by more than 30%. In this context, it is key to continue making the most of this wave of investment that is so positive for Chile, and for this it is also essential to continue working along the same lines as the government has done so far, with a great deal of public-private coordination”.

Finally, the executive vice-president (s) of Cochilco, Claudia Rodríguez, highlighted that 64.5% of the investment comes from Chilean capital, with an important participation of Codelco, El Abra and Antofagasta Minerals; followed by Canada with 10%, driven by companies such as Teck, Capstone Copper, Los Andes Copper and Kinross, the first two being responsible for a large part of the Canadian investment. He added that Japan is in third place with 5.7% of investment, led by conglomerates such as Sumitomo Metals and Mitsubishi Corp. Australia is in fourth place with 5.2%, with BHP Billiton as its main representative.

Regarding regional participation, the executive vice-president (s) pointed out that this is concentrated in the northern part of the country. Antofagasta represents 38% with an investment of US$ 31,318 million dollars; and Atacama, with investments of US$ 14,744 million dollars, which means 17% of the total in mining for this period. “This is evidence of the relevance and weight that these two regions have in the country’s mining economy. The Atacama region stands out not only for the magnitude of its investment, but also for the diversity of its project portfolio. It has 15 projects in total, and of these, US$4,745 million are for non-copper minerals”.

Mining projects enter the portfolio

The portfolio of mining projects includes initiatives from both state-owned and private companies, covering mainly copper mining, together with projects related to the extraction of gold, iron, lithium and other industrial minerals. In contrast, the 2023-2032 portfolio included 49 projects with a total investment of US$ 65,712 million.

In this version, eleven new initiatives were incorporated, contributing US$ 15,659 million in investment, highlighting the El Abra Expansion, with a projected budget of US$ 7,511 million, consolidating itself as one of the most significant investments.

On the part of Codelco, one of the fundamental pillars of Chilean mining, there is an increase of US$ 7,527 million in its investment plan, earmarked for both operating and structural projects. This adjustment reflects a recalibration of its capital plans, significantly increasing investment in state mining, together with the projects promoted by Enami.

In the private sector, there was a net increase of US$2,328 million in investments. One of the most noteworthy projects in this area is Antofagasta Minerals’ Los Pelambres Phase 1 Lifetime Expansion, whose projected investment for 2024 rises from US$ 1,077 million to approximately US$ 2 billion, reaffirming its relevance in the private portfolio.