Copper: Chile needs USD 150 billion to increase production

According to energy and mines minister Juan Carlos Jobet, Chile, a mining powerhouse, needs $150 billion in investment to reach its goal of doubling copper production by 2050, part of a larger plan by the world’s leading copper producer to increase production while reducing environmental damage.

Announced a new national mining project that aims to increase the traceability of copper produced in Chile, reduce water use and increase diversity in mining companies.

Expectations are geared towards a record Chilean production of 7 million tonnes of copper per year by 2030 and 9 million tonnes by 2050, although achieving the target depends on a series of 49 projects currently under consideration, representing $74 billion of investment. At least 70 per cent of these projects, he said, must go ahead to meet the 2030 production target.

Global miners are keeping an eye on Chile, long a magnet for investors, as the South American nation rewrites its dictatorship-era constitution and ponders a controversial proposal to sharply increase royalties on metal sales. Mining companies have warned that both could have a major impact on future investment decisions.