From Announcements to Execution: Latin America's Mining Landscape

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Written by Renzo Castillo for IIR News Intelligence (Sugar Land, Texas)

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Summary

The energy transition, electrification and the development of new technologies are driving new demand for metals and minerals in Latin America.

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Mining Investments Concentrated in Chile, Argentina, Brazil and Peru

Latin America remains one of the world's leading regions for mineral resource development and raw material processing. New demand driven by the energy transition, electrification and the development of new technologies is highlighting the region's importance as a source of strategic minerals for global supply chains.

Along with resources that have traditionally accounted for a large share of regional mining activity, such as copper, iron ore, gold and silver, there is growing interest in critical minerals such as lithium, nickel, cobalt and rare earths. This trend is changing the mining investment landscape in Latin America, bringing new projects into the pipeline and increasing the role of critical minerals in regional development strategies.

However, the growth of the project portfolio does not necessarily translate into new operating mines or new developments that ultimately reach the construction stage. This is partly because much of the region is characterized by long planning cycles and lengthy regulatory and permitting processes. For this reason, assessing the actual progress of mining activity in Latin America requires looking not only at the size and concentration of investment, but also at which projects are moving forward toward development and construction.

Industrial Info Resources is tracking more than 2,800 mining projects in Latin America, representing more than US$322 billion in investment. About 85% of that capital is concentrated in four countries: Chile, Argentina, Brazil and Peru. This distribution reflects both the strength of established mining markets and the development of new investment cycles.

Chile and Peru continue to concentrate a large share of their mining investment in copper, while Brazil stands out for its portfolio of iron ore projects. Argentina, meanwhile, has gained a larger share in recent years, driven mainly by new copper and lithium developments and a growing presence of major international mining companies. One example is the Vicuña project, led by BHP and Lundin Mining, to develop the Josemaría and Filo del Sol deposits. The Industrial Info Resources Global Market Intelligence (GMI) Metals & Minerals Project Database offers detailed reports on Vicuña.

By mineral, copper leads the regional portfolio by a wide margin, with more than US$158 billion in investment, nearly half of the total tracked by Industrial Info. Lithium follows with more than US$34 billion, iron ore with US$31 billion and gold with US$28 billion. Together, these four minerals account for about 78% of the investment identified across the region.

This breakdown of the investment pipeline shows that the minerals that have traditionally supported Latin America's mining industry continue to attract most of the capital. At the same time, the growth of lithium and rising interest in other critical minerals are adding greater diversity to new developments.

Brazil stands out as one of the markets where this diversification is starting to gain momentum, particularly because of growing interest in rare earths. One example is Serra Verde, which operates the Pela Ema mine in the state of Goiás. In April 2026, U.S.-based USA Rare Earth agreed to acquire the company, highlighting growing international interest in developing these resources in Brazil. For more on this, see September 4, 2026, article - Brazil Rare Earth Mine Gets U.S. Backing Through US$1.55 Billion Offtake Vehicle

However, the size of the regional portfolio alone does not show how much of this planned capital is close to becoming actual investment on the ground. The breakdown by project stage shows a strong concentration in the early phases: about 85% remains in planning, while only 7% is in engineering and 8% is tied to projects under construction.

This gap between planning and execution is the result of several factors. Mining projects require long periods of study and engineering work, along with environmental and regulatory processes, infrastructure needs, access to financing and other challenges that can affect project schedules. In response, several governments across the region have announced measures aimed at improving conditions for new investment and speeding up project development processes.

One example is Argentina's Large Investment Incentive Regime (RIGI), which is designed to attract large-scale investment in strategic sectors such as mining, energy and infrastructure while providing a framework of long-term stability for approved projects.

The impact of these changes can ultimately be measured by the ability of projects to move from planning into engineering and, eventually, construction. In this sense, the relatively small share of capital currently in execution provides a clearer view of which projects in the region's large portfolio have moved through the main stages before construction.

Looking only at projects currently under construction, Chile, Brazil, Argentina, Peru and Mexico are among the region's leading markets. Copper again ranks first in investment currently under execution, followed by iron ore, gold and lithium.

These projects show where capital has already started to turn into new production capacity. One of the developments currently under construction is Phase II of the Rincón lithium project in Salta Province, Argentina, operated by Rincon Mining, a Rio Tinto subsidiary. This phase is expected to bring production capacity to 53,000 metric tons per year of lithium carbonate.

In Chile, another example is Diamante, one of the projects in Codelco's structural project portfolio at the El Teniente Division. The project is designed to add new reserves and help extend the life of one of the country's main copper operations. Codelco expects Diamante to begin production toward the end of 2026.

Key Takeaways

• Chile and Peru continue to concentrate a large share of their mining investment in copper.
• There is growing interest in critical minerals such as lithium, nickel, cobalt and rare earths in Latin America.
• Copper leads the regional portfolio by a wide margin.

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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, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).