Codelco to receive US$90mn for exploration

Chile’s state miner Codelco will receive over U$90mn for exploration and U$86mn for innovation and technology this year, President Gabriel Boric announced in his first state of the nation address.

“To take care of Codelco, we must reinvest and not squeeze all its resources, defending its state character as a company for all Chileans, against any attempt to privatize it,” he said.

Boric also said a key objective is to foster sustainable mining, which constantly improves socio-environmental standards. Codelco has committed to reduce greenhouse gas emissions by 64% by 2026, reduce fresh water consumption by 42%, and recycle 55% of industrial waste, he added. 

He also reinforced the commitment to create a national lithium company, involving multiple sectors, including communities. In addition, the administration will deliver a proposal to guarantee a clean and sustainable energy matrix.

“The mandate our [mining] minister has is the creation of this company while at the same time we are moving forward with the framework of a tax reform, a better royalty that better captures mining income which we can't keep wasting,” Boric said.

The tax reform is planned to be submitted to congress this month.