Chile 'needs to recover top spots' in mining attractiveness

Chile dropped 11 positions in the investment attractiveness index of Canadian think tank Fraser Institute, which on Tuesday released the 2019 survey of mining companies. 

Among 67 countries and jurisdictions, Chile fell to 17th place from 6th in 2018. However, in the policy perception index the country rose from 23rd to 15th.

“This isn't good news for Chile. We've seen an important drop due to different causes including the current social crisis, but we are still the most attractive country to invest in in South America … We certainly need to recover those first places,” mining minister Baldo Prokurica told BNamericas during an event in Santiago. 

Next Monday, Chilean officials will start their 2020 investment promotion agenda abroad. 

Representatives from the mining ministry and investment promotion agency InvestChile will go to the Prospectors and Developers Association of Canada (PDAC) annual convention in Toronto to look for financing for 40 mining projects. 

“We will go to PDAC with 25% more projects than those promoted in 2019; 34 are exploration initiatives and another six are in pre-development phases … Among the projects we have 26 copper, 11 gold and three of titanium, zinc, polymetallic and rock salt,” Prokurica said at the PDAC official launch in Santiago. 

“Chile is still a good destination for foreign investment and for mining investment. We'll go to PDAC to transparently talk with investors about government decisions to solve the crisis but also to put things in perspective,” said Cristián Rodríguez, head of InvestChile. 

According to Rodríguez, accumulated foreign investment in mining reached US$73bn in 2018 and Canada is the third biggest foreign investor with US$31bn.

InvestChile has planned more than 50 meetings abroad to attract investment in different sectors. 

Prokurica told reporters that his ministry has been talking with ambassadors from several countries about the perspectives for the local industry despite the social unrest.

Of the 40 mining projects to be presented during the Chile Day seminar, four have environmental permits approved. 

Projects were selected by the mining ministry, national mining company Enami, mining association Sonami and the college of geologists. Enami has contributed four projects while the college of geologists added another 18. 

At PDAC, Enami will present its lithium strategy to develop the Infieles and Aguilar salt flats in northern Chile.

All the initiatives will be included in a booklet to be distributed at the event. 

Photo credit: Chile's mining ministry