Chile Launches $3-$4 Million Initiative to Extract Cobalt and Rare Earths from Mining Waste
SANTIAGO – Chile’s development agency, Corfo, has launched a call for studies focused on extracting cobalt and rare earths from mining waste, offering $3 million to $4 million per project for a three-year period.
This initiative is part of Chile’s strategy to tap into its nearly 800 tailings deposits across the country. Mining companies are increasingly looking for ways to extract valuable metals from these waste deposits, especially as global demand for metals like cobalt and copper surges with the energy transition.
“These are strategic minerals, particularly cobalt and rare earths, where Chile holds significant potential,” said Mining Minister Aurora Williams. “Older tailings, in particular, carry substantial economic value.”
Williams also revealed that the ministry plans to modernize regulations regarding the construction, management, closure, and reuse of tailings by March, enhancing Chile’s position as the world’s leading copper producer.
Fernando Hentzschel, head of Technological Capabilities at Corfo, stated that proposals would be evaluated based on their economic potential, scalability, and innovation.
While Chile has made progress in extracting copper from mining waste, it has yet to make significant strides with cobalt and rare earths.
“We are seeking breakthroughs in technological development,” Hentzschel said, noting that small-scale technologies for cobalt extraction are already in use. “Our goal is to scale these technologies.”
The call for proposals will remain open until March, but Hentzschel did not specify how many projects Corfo plans to fund.
