Chile's 2025-2034 Mining Portfolio Reaches US$104.5 Billion

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)

---

Summary

Chile's mining portfolio for the next decade could total US$104.5 billion in investments. Copper projects account for the majority of investments, with 89.8% of the total. Meanwhile, lithium projects will amount to US$4.7 billion.

---

Breakdown of Chile's Mining Portfolio

Cochilco, the Chilean mining authority, announced a mining portfolio of US$104.5 billion for 2025-2034, an increase of US$21.3 billion from the 2024-2033 portfolio. The increase is mainly due to new private projects.

Industrial Info is tracking 393 active capital mining projects in Chile, worth US$91 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Mining & Minerals Project Database can view a list of detailed project reports.

Of the portfolio, 81% of the investments pertain to brownfield projects, distributed as follows: 34% for expansions and 47% for repositioning. New projects will account for only 19% of investments, led by copper projects totalling US$11 billion, followed by lithium projects amounting to US$4.7 billion, and other mineral projects representing US$4.6 billion.

About 41% of the total investments are destined for projects that are already in progress or have a high degree of certainty of occurring. Meanwhile, another 40% are potential investments which have yet to be approved technically, environmentally, or financially. The remaining 19% are for possible and probable projects, some of which may still require environmental permits and need to define key engineering guidelines and agreements with communities.

Lithium, a key focus in Chile recently, does not display any investments in the ongoing projects, but rather is scattered in the probable, possible, and potential categories, with the vast majority of investments, or US$3.2 billion, in the potential category.

Antofagasta is the region with the largest projected investments in Chile, totalling US$40.7 billion, driven by copper-related activities. In second place is the Atacama region with US$16.9 billion, followed by Tarapaca at US$14.8 billion.

Regarding the origin of the capital, Cochilco suggests a balance of 50.1% from local companies such as Codelco (Santiago, Chile) and Antofagasta Minerals (London, England), and 49.9% from foreign capital. Australia, the U.K. and Canada lead in foreign investment with 11.7%, 11.6%, and 9%, respectively. This is the result of investments from companies like BHP, Rio Tinto, Anglo American, Capstone Copper, Lundin Mining, and Teck.

Copper Dominance

Copper projects account for the vast majority of the investments, representing 89.8% of the total. From that share, the weighted average capital intensity of the projects per ton of copper was segmented into:

• Brownfield solvent extraction and electrowinning (SXEW) - US$15,159 per ton
• Brownfield concentrators - US$24,189 per ton
• Greenfield SXEW - US$15,177 per ton
• Greenfield concentrators - US$17,987 per ton

Cochilco forecasted incremental copper production from the 2025-2034 mining portfolio of 3.61 million tons, slightly higher than the 3.59 million tons of the 2024-2033 portfolio. The nation's copper output in 2024 stood at 5.5 million tons.

Lithium, for its part, will account for a total investment of US$4.7 billion, with all projects focused on developing new capacity. The Chilean authority forecasts the 2025-2034 portfolio will add incremental volumes of 100,700 tons of lithium carbonate capacity, 9,100 tons of lithium hydroxide, and 96,900 tons of potassium chloride.

Among the projects highlighted by Cochilco are the new Rosario concentrator at the Collahuasi mine and the Escondida Los Colorados concentrator.

Key Takeaways

• The 2025-2034 mining portfolio amounts to US$104.5 in investments.
• 81% of the investments pertain to brownfield projects.
• Copper-related projects account for 89.8% of total investments.

---

About Industrial Info Resources
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 over 200,000 current and future projects worth $17.8 Trillion (USD).