Chile expects mining sector to attract $65.75 billion in next decade

Chile’s state copper commission Cochilco has revealed it expects the national mining industry to attract a total of US$65.75 billion in investment over the next 10 years.

The projected investment sum will encompass 44 operations, with Cochilco referencing two new lithium mining projects, three copper and one gold with a collective value of $5.9 billion.

Major companies advancing these projects include lithium giant SQM, South Africa-based Gold Fields and Chilean copper producer Antofagasta Minerals.

“The boost to production in copper projects of this portfolio will reach 3.5 million tonnes, the greatest in three years given the significant drop in investment registered since 2014,” said Cochilco in a statement.

Chile is a world leading copper producer and boosted its output by 18.9% in the first quarter of 2018 after Cochilco reported that the South American nation produced 1.42 million tonnes of copper in the first three months of the year.

However, last month the global spot price for copper dropped to its lowest level in over a year, instigating fears of an imminent slowdown in the global economy.