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

Preparing to begin construction