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Chile set to see US$34bn in mining investment

Bnamericas Published: Wednesday, September 11, 2019
Chile set to see US$34bn in mining investment

Almost US$34bn will be invested in the Chilean mining sector in the next five years, according to the economy ministry.

The ministry's sustainable project management office (GPS) said in a report that 43 mining projects will be built and/or start production by the end of 2023. The report outlines US$74.0bn in total investment in 265 projects, with the mining industry set to receive US$9.89bn in Antofagasta region, US$8.79bn in Atacama, US$7.87bn in Tarapacá, US$3.58bn in O’Higgins, US$1.85bn in Coquimbo and US$660mn in Valparaíso region.

The biggest project is Vancouver-based Teck Resources' Quebrada Blanca phase II, which involves US$4.2bn in investment in the next five years to extend the life of the copper mine in Tarapacá region, including building a concentrator to process sulfide ore.

Antofagasta Minerals, meanwhile, will invest US$3.7bn to expand its Centinela copper mine, the GPS office said, with construction starting in 2021.

The third biggest project due to be developed in the next five years is Nueva Unión, a JV between Teck and fellow Canadian GoldCorp, which needs US$3bn over the five years for construction of a copper-gold mine.

Chile’s mining sector grew 1.1% in July compared with the same month 2018, while the economy expanded 3.2% thanks to manufacturing, services and trade, according to the month's Imacec, a GDP proxy that was released by the central bank earlier this month.

Picture credit: Mining ministry

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