Three mining projects worth US$17.32 billion (bn) entered Chile’s environmental evaluation system during the first quarter, marking a historic quarterly record and reflecting a rebound in the sector’s investment.
The figure includes the operational continuity project and copper production growth at Minera El Abra, a subsidiary of US-based Freeport McMoran, for US$7.500bn. This project seeks to extend the useful life of the mine until 2070 and add more than 340.000t/a of fine copper to the current production of around 100.000t/a.
It also considers the US$5.100bn project submitted by Minera Escondida, a subsidiary of Australian company BHP, with the aim of incorporating a new concentrator to sustain production over the long term, maintaining a processing capacity of 460,000t per day of sulfide ore at the world’s main copper mine.
It also includes an initiative by US-based Albemarle for US$3.1bn focused on incorporating a direct lithium extraction technology into its operation in the Salar de Atacama, to recover almost twice as much of the mineral, reducing pumping and the amount of brine extracted from the salt system.
The economy and mining bimminister, Daniel Mas, pointed out that the announcements reflect investors’ renewed confidence in Chile.
“We have been in government for only two weeks and we are already seeing how investors are making decisions to activate mega-projects in the mining sector, which are fundamental for economic growth,” said the authority in a statement.
Together with the favorable mining investment outlook that is beginning its environmental permitting process, the national copper sector is marking another significant milestone: the international authorizations obtained for the joint mining plan between the state-owned company’s Andina division of Codelco and the Los Bronces operation of Anglo American.
The combined strategy will make it possible to capture synergies between facilities, mineral resources and the technical capabilities of both companies, allowing progress in the creation of a district of copper that aims to rank among the 5 largest global producers in the next decade.
An additional release of approximately 2.7Mt of copper is estimated over 21 years in the Andina-Los Bronces district.
All projects are subject to obtaining environmental and sectoral permits.
Investors highlight Chile for “mining services, logistics, suppliers and community engagement from the outset. The difficulty of obtaining permits is not unique to this country, but also affects Peru, Ecuador, Colombia, Argentina and others. Permits ultimately become a strategic issue in how companies arrange the pieces,” Cristián Cifuentes, senior lead at the Center for Copper Studies (Cesco), told BNamericas.
By – https://www.bnamericas.com/en/news/chile-sets-quarterly-record-in-environmental-permitting-with-mining-projects-totaling-us173bn