Chile aims to invest $83 billion in mining through 2033, newspaper says

SANTIAGO (Reuters) – Chile plans to invest about $83.18 billion from this year through 2033, state-run agency Cochilco said in a study cited in a newspaper report on Tuesday, an increase of 27% from last year’s estimate.

WHY IT MATTERS

Set to be presented on Wednesday, the Cochilco report will list some 51 projects in the South American nation, which is the world’s largest producer of copper and second-largest of lithium, a key ingredient of rechargeable batteries.

Chilean newspaper Diario Financiero said Cochilco’s report did not include a recently announced $14-billion expansion plan by mining giant BHP, whose Chilean projects include Escondida, the world’s largest copper mine.

With this, it said the total investment plan could amount to nearly $100 billion.

BY THE NUMBERS

The paper said the spending hike was driven by 11 new projects amounting to about $15.66 billion, including the expansion of Freeport-McMoRan (NYSE:FCX) projects, works in Los Bronces by Anglo American (JO:AGLJ), and planned improvements at state-owned miner Codelco at Chuqui Subterranea, as well as a Codelco lithium project at the Maricunga salt flat.

About 52% of spending totaling $42.96 billion is pegged for projects planned between 2024 and 2026, the paper added.