Chile
Insight

Data Insight: 17 Chilean mining projects aiming to hit key milestones in 2025

Bnamericas
Data Insight: 17 Chilean mining projects aiming to hit key milestones in 2025

A set of 17 mining projects involving combined investments of US$15.6bn are expected to advance to key stages in Chile during 2025, with eight scheduled to begin operations and nine starting construction, according to the BNamericas database.

However, compliance with the deadlines depends largely on approvals granted by environmental review authority SEA, which continues to be one of the main obstacles to the development of mining initiatives and attraction of capital to the country.

When analyzing actual mining investment, it is essential to distinguish between the announcements made by companies with those regarding capex for which environmental approval has been obtained.

Although mining investment in Chile has averaged around US$10bn per year over the last decade and is set to increase this year, that does not reflect the reality of the industry, according to Nicole Porcile, director of consultancy Anagea, specialized in investment projects and socio-environmental commitments.

“The challenges are analyzed in terms of how much investment has obtained environmental approval and the permits to move towards the final investment decision. The trend there is downward. While in the last decade the annual average was US$6.5bn, in the last five years the figure has dropped to US$3.5bn,” Porcile told BNamericas.

Considering this, the announcements by BHP to invest over US$12bn in its Escondida, Spence and Cerro Colorado operations, and by Freeport-McMoran to inject US$7.5bn into El Abra, can only be validated once they have obtained all the necessary permits from the regulatory authorities.

Bearing this in mind, at least 11 projects still depend on the results of the environmental review process, in which various organizations and communities participate.

“The processes are complex, delaying the start of mining projects. The processing of sectoral permits involves 38 public services that are part of 16 ministries to manage 380 permits,” explained Porcile, who has worked as an executive in corporate affairs and sustainability at companies such as Codelco, Antofagasta Minerals and Andes Iron.

On the other hand, investment projects that enter the SEA are generally in the engineering feasibility phase and as they advance towards the basic or detailed engineering stages, it is common for significant changes to be made to the plans and technical studies.

“It's essential to have more flexible assessment tools so that projects can be updated as they evolve. The SEA is static, while project engineering is dynamic,” Porcile added.

Copper projects dominate the initiatives seeking to achieve significant milestones in 2025, although the developments include gold, polymetallic operations and lithium with added value, as shown below.

Preparing to start operations

Project Company Capex Description Status
Future Development Ministro Hales Division
Codelco
US$2.5bn
Brownfield project to increase copper concentrate production from 700,000t/y to 830,000t/y and reach capacity of 130,000t/y of fine copper
Processing permits
Traspaso Andina
Codelco
US$1.67bn
Brownfield project to raise production capacity to 240,000t/y of fine copper
Ramp-up–start-up
Extension useful life with water transition (Zaldívar mine)
Antofagasta Minerals
US$1.2bn
Brownfield project to maintain output of around 176,000t/y of fine copper Processing permits
Salares Norte GoldFields
US$1.2bn
Greenfield project to add 50,000t/y output of lithium ferrous phosphate cathode material   Feasibility
Lithium Cathode Plant BYD Chile US$290mn Greenfield project to add output of 120,000t/p of lithium ferrous phosphate cathode material
Basic design and engineering
Fenix Gold Rio2 US$235mn Greenfield project to add output of 50,000t/y of lithium ferrous phosphate cathode material Feasibility
Lithium Cathode plant Yongqing Technology US$233mn Greenfield project to add output of 120,000t/y of  lithium ferrous phosphate cathode material Basic design and engineering
Comahue Next Minerals US$55mn Brownfield project to maintain 6,500t/y output of copper cathodes Permitting process


Preparing to begin construction

Project Company Capex Description Status
Los Bronces Integrado Anglo American US$3.3bn   Brownfield project to maintain output of around 215,000t/y of fine copper  Processing permits
Santo Domingo Capstone Copper US$2.3bn Greenfield project to add output of 68,000t/y of fine copper, 3.6Mt/y of iron ore, 35,000oz/y of gold and 1,500t/y of cobalt Permitting
Lobo-Marte Kinross US$1.08bn Greenfield project to add output of 300,000oz/y of gold Updating studies
Chuquicamata Underground Mine Codelco US$720mn Brownfield project to maintain output of 249,000t/y of fine copper Processing permits
Exploitation and Processing of Minerals La Farola Minera Altair US$260mn Greenfield project to add output of 90,000t/y of copper concentrate Processing permits

Operational Adaptation Caserones Lundin Mining US$185mn Brownfield project to maintain output of 123,000t/y of fine copper Processing permits
Modification and optimization of Mantoverde Capstone Copper US$150mn Brownfield project to increase copper concentrate output from 270,000t/y-320,000t/y to 344,000t/y-410,000t/y Processing permits
Ciclón-Exploradora Eco Earth Elements US$125mn Greenfield project. No production data Processing permits
Operational Continuity of the Barreal Seco Mine  Las Cenizas US$73.4mn Brownfield project. No production data Processing permits

 

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