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

investing.com 04/12/2024 - 03:13 AM

Chile's Investment Plan

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

Why It Matters

Set to be presented on Wednesday, the Cochilco report will outline 51 projects in Chile, the world's largest producer of copper and the second-largest producer of lithium, a crucial component for rechargeable batteries.

Chilean newspaper Diario Financiero noted that Cochilco's report does not include a recently announced $14 billion expansion plan by mining giant BHP, which operates in Chile, including at Escondida, the world's largest copper mine. As a result, the total investment plan could approach nearly $100 billion.

By The Numbers

The report highlights that the spending increase is driven by 11 new projects totaling approximately $15.66 billion. Notable developments include expansions at Freeport-McMoRan (NYSE:FCX), improvements at Los Bronces by Anglo American (JO:AGLJ), upgrades at state-owned miner Codelco at Chuqui Subterranea, and a Codelco lithium project at the Maricunga salt flat.

Approximately 52% of the spending, or $42.96 billion, is allocated for projects planned between 2024 and 2026.




Comments (2)

    avatar

    kaysav

    06:22 - 04/12/2024

    Noted

    avatar

    Quanba1993@

    05:33 - 04/12/2024

    Ok

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