Mining investment in Chile will exceed US$83 billion by 2033

The “Investment in Chilean Mining: Project Portfolio 2024-2033” Report by COCHILCO revealed a 26.5% increase relative to the previous period.  

Chilean mining will generate an investment of more than US$83 billion over the next 10 years, according to the “Investment in Chilean Mining: Project Portfolio 2024-2033” Report by the Chilean Copper Commission (COCHILCO).

This figure encompasses state-owned and private initiatives, primarily in copper mining, but also includes projects related to the extraction of gold, iron, lithium and other industrial minerals. 

The report updated the 2024-2033 mining investment portfolio to include 51 projects and an estimated investment of US$83.2 billion, representing 26.5% growth over the previous period. The 2023-2032 portfolio included 49 projects with a total investment of US$65.8 billion. 

This version includes 11 new initiatives and US$15.7 billion in new investment. Among the most significant investment projects is the El Abra Expansion, with a projected budget of US$7.5 billion. 

For Codelco, a cornerstone of Chilean mining, the report showed an additional US$7.5 billion in the investment plan, earmarked for operating and structural projects.

«This adjustment reflects a recalibration of the company’s capital plans. In combination with the projects promoted by ENAMI, it significantly increases investment in state-owned mining,» it reads.  

COCHILCO recorded a net increase of US$2.3 billion in investment in the private sector. According to the report, one of the outstanding private-sector mining projects is Phase 1 of the Useful Life Extension at Antofagasta Minerals’s Los Pelambres mine, where projected investment for 2024 went from US$1 billion to approximately US$2 billion, reaffirming its position in the private portfolio. 

As COCHILCO points out, the report focuses on projects planned for the next ten years, with individual investments exceeding US$30 million.