Chile Foresees Mining Investments Reaching $83 Billion

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Chile's mining industry continues to attract investments, spurred by the demand for critical minerals and the transition to cleaner technologies.

Chilean President Gabriel Boric said last week during the Centro De Estudios Del Cobre Y La Mineria (CESCO) event in Santiago that the nation expects mining investments to reach US$83 billion between 2024 and 2033.

"Our government has been promoting an agenda to accelerate investment because we are a flexible, strong state that promotes growth, and project development is good for Chile," Boric said during the event.

The investments will be allocated to 51 mining projects, with the majority directed toward copper mining, which will represent 89% of the total funding, according to an analysis by Cochilco, Chile's mining authority.

Chile is by far the world's largest copper producer, with an output of 5.5 million tons in 2024, amounting to roughly 24% of the global volume.

About US$31.3 billion is expected to be invested in Chile's Antofagasta region across 20 projects, followed by Atacama with US$14.1 billion for 15 projects. Together, the regions account for 55% of the total mining investments.

Approximately 36.1% of the funds, totaling US$30 billion, are expected to be allocated to 21 projects between 2029 and 2033.

The construction of new lithium projects across Chile also is expected to attract significant investments.

In 2023, Boric's government launched its National Lithium Strategy, aimed at nationalizing production in some salt flats of the country, while freeing up others for private investment.

Since then, the government has opened 12 lithium areas for private investments, including joint ventures.

The Chilean mining industry is dominated by state-run Codelco, although major international players such as BHP Group (NYSE:BHP) (Melbourne, Australia), Rio Tinto (NYSE:RIO) (London, England) and Anglo American plc (London, England) also have large operations in the country.

"We have always been convinced that collaboration between the public and private sectors is the model for our country's development in the coming decades, where the state plays not merely a subsidiary role, but an active, entrepreneurial one, in collaboration with the private sector," Boric said.

Amid the current trade war between China and the U.S., demand for critical and energy transition minerals, such as copper and lithium, will keep Chile at the center of mining investments.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).