Chile plans to invest $83 billion in mining by 2033, a newspaper reports

In a study quoted in a newspaper article on Tuesday, the state-run Cochilco agency said that Chile will invest $83,18 billion between this year and 2033. This is a 27% increase from last year's estimation.

Why it Matters

The Cochilco Report, set to be released on Wednesday, will include 51 projects within the South American country, which is currently the largest producer of lithium and copper in the world. Lithium is a critical ingredient for rechargeable batteries.

Diario Financiero, a Chilean newspaper, reported that Cochilco’s report did NOT include the recently announced expansion plan of mining giant BHP. BHP’s Chilean projects include Escondida - the world’s largest copper mine.

The total investment plan is estimated to be around $100 billion.

By the Numbers

The paper reported that the increase in spending was due to 11 new projects totaling $15.66 billion. These included the expansion of Freeport McMoRan's projects, work by Anglo American at Los Bronces, planned improvements by state-owned Codelco Chuqui Subterranea and a Codelco Lithium project on the Maricunga Salt Flat.

The paper also noted that 52% of the total spending, $42,96 billion, is allocated to projects scheduled between 2024 and 2020. Reporting by Fabian Cambero, Editing by Clarence Fernandez

(source: Reuters)