Chile’s mining industry will invest $74bn to develop 49 mining projects between 2020 and 2024. This funding, is $1.5bn more than the last year’s sacntions.
The Chilean Minister of Mining, Baldo Prokurica, announced on October 1, that these projects will create 33,000 new jobs. Of the total number of projects, 89.4pc corresponds to copper, or 31 copper projects, two projects will be to produce iron ore, six gold, and the rest corresponds to other minerals.
The new 31 copper projects will have the capacity to produce 3.27mn mt by 2029, according to figures from the Chilean Copper Commission (Cochilco). Chile’s overall mine production increased by 1.2pc in July on an annual basis due to higher demand for metallic mining production, the National Statistical Institute (Ine) said without disclosing volume.
Chile’s copper production is expected to fall by 1.2pc to 5.71mn mt in 2020, from 5.78mn mt in 2019, according to figures from the Cochilco. Copper prices are expected to end this year at $2.62/lb, 23¢/lb lower than the guidance announced in January, due to the uncertainties in the market due to the COVID-19 pandemic. Copper prices reached $2.90/lb on Friday, October 2, down by 3.09pc compared the prior day.