Mining investments in Chile to reach $100 billion by 2020
Mining investment in Chile, the world's largest copper producer, would reach US$ 100 billion between 2012 and 2020, the National Mining Society (Sonami) said on Monday.
During the opening ceremony of the XII Latin American Exhibition for the Mining Industry (Expomin) in Santiago, Sonami’s President Alberto Salas noted the private sector is expected to invest $78 billion through 2020 in new projects and expansions at existing mines. The state, on the other hand, would invest $22 billion, mostly through copper giant Codelco, reports Emol.com.
Despite Chile’s recent drop in production of the red metal, major players such as Xstrata PLC (LON:XTA), BHP Billiton Ltd. (NYSE, ASX: BHP), Anglo American PLC (LON:AAL), Antofagasta PLC (LON:ANTO), Codelco and others are all pursuing to increase output at their mines and bringing new deposits into production.
Chile is the world's largest copper producer, accounting for one-third of global output, and the metal represents about 15% of the country's gross domestic product and 60% of its exports.