Chile to Invest $83 Billion in Mining Projects Through 2033
Chile plans to invest approximately $83.18 billion in mining projects between now and 2033, according to a study by state-run agency Cochilco, cited in a newspaper report on Tuesday. This marks a 27% increase from last year’s investment estimate.
The Cochilco report, set to be presented on Wednesday, outlines 51 projects across the country, which is the world’s largest producer of copper and the second-largest producer of lithium, a crucial element for rechargeable batteries.
Chile’s Diario Financiero reported that the Cochilco study did not include the recently announced $14 billion expansion by mining giant BHP, which operates major projects in the country, including Escondida, the world’s largest copper mine. If included, the total investment could approach $100 billion.
The increased spending is attributed to 11 new projects, valued at $15.66 billion. Key projects include expansions by Freeport-McMoRan, improvements at Anglo American’s Los Bronces mine, upgrades at state-owned miner Codelco’s Chuqui Subterranea operation, and a Codelco lithium project at the Maricunga salt flat.
Approximately 52% of the planned investment, totaling $42.96 billion, is earmarked for projects scheduled between 2024 and 2026.
SOURCE:mining.com
