Chile scales back mining investment projections by $30 billion

May 18, 2015

Chile, the world’s top copper producer, scaled back its expectations for investment in its vast mining industry by some $30-billion over the next decade, due to fewer gold mines being developed and other projects being delayed, Mining Undersecretary Ignacio Moreno said.

Mining investment in Chile was previously seen at around $105-billion from 2014 through to 2023, state copper commission Cochilco said last year. Overall investment in the mining industry is now seen at around $74-billion between 2015 and 2024, of which copper projects account for nearly $64-billion, Reuters reported.

"Investment in gold mining falls sharply, by over 50 percent," said Moreno, in reference to an updated report by Cochilco. Among delayed projects, Barrick Gold's Pascua-Lama gold and silver project was put on hold indefinitely after the company had spent more than $5-billion.

 

 

 

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