Chile cuts forecast for mining investments to $69 billion through 2030
Mining investment in Chile, the world’s largest producer of copper, is expected to be $68.9 billion through the end of the decade, down 6.9 percent from a previous forecast, according to Cochilco, the state copper commission.
Reuters reported that Cochilco adjusted the forecast after two projects were removed from the pipeline while five new mining projects were added, involving copper, gold, iron and industrial minerals.
Some 27.8 percent of the pipeline’s value will be focused on state-owned miners Codelco and Enami, and the vast majority of the funds will be put into copper mining. Chile is the world’s top producer of the red metal.
Codelco pushed back to 2035 the beginning of operations of its $3.2 billion Expansion Andina copper project. It also cut investment costs worth $1.95 billion.
Neighboring Peru, the world’s No. 2 copper producer, has a mining projects pipeline estimated by the government to be worth about $50 billion.