Mining 2026

CHILE Trends and Developments Contributed by: José Manuel and Felipe Curia, CoyC Minería y Regulación

Overview of the Chilean Mining Industry Mining is Chile’s principal economic activity, account - ing for 11.7% of national GDP and 57% of total exports. Chile is a global leader in the production of critical minerals. In the case of copper, the country maintains a leading position at the global level: with annual production of approximately 5.5 million tonnes, Chile accounts for close to 24% of world output and has consistently positioned itself as the world’s largest producer. This role is further reinforced by its share of around 19% of global copper reserves, confirming that its primacy is not circumstantial but rather rests on a solid, long-term geological base, notwithstanding the progressive decline in ore grades. In addition to the strength of copper, Chile also holds a prominent position in lithium mining, a mineral that is essential for the energy transition. Chile possesses 33.6% of global lithium reserves and ranks first in South America as a lithium producer, with 271,000 tonnes of lithium carbonate equivalent (LCE) produced in 2023, while globally it ranks second after Australia. Furthermore, Chile plays a leading role in other critical minerals. This is the case with rhenium, where it is the world’s leading producer of primary rhenium, account - ing for 50% of global production. A similar situation exists with molybdenum, for which Chile represents approximately 15% of world production. The specialisation developed by Chile in both tradi - tional metals and critical minerals enhances its stra - tegic relevance in global markets for energy storage technologies and electric mobility. This has contrib - uted to attracting mining investment by positioning the country as a jurisdiction with relative regulatory stability and a highly developed mining services and infrastructure market. Based on official data from the Chilean Copper Com - mission (COCHILCO), over the next decade there is an investment portfolio of USD104.549 billion through 2034, of which 81% corresponds to copper brown - field projects – mainly expansions, optimisations and operational continuities. This composition reflects the maturity of the Chilean mining industry.

A notable trend is the development of mergers and acquisitions (M&A) involving large-scale mining pro - jects, through which key alliances have been formed to advance major developments. Examples include: • the proposed Anglo American–Teck merger (“AngloTeck”), aimed at creating a mega mining district by integrating the Quebrada Blanca and Collahuasi assets; • the collaboration between Codelco and Anglo American for the joint development of the Andina– Los Bronces district; • the partnership between Lundin Mining and BHP to develop the Josemaría project within the Vicuña District, a binational project spanning Argentina and Chile; and • the agreement between SQM SA and Codelco, which will allow continuity of the lithium project located in Salar de Atacama – Chile’s most impor - tant lithium operation – through 2060. Stabilisation of the Chilean Constitutional Regime The Political Constitution of Chile enshrines robust protection for mining concession holders and estab - lishes the foundations of the concession-based min - ing system. This constitutional framework has with - stood two constituent processes aimed at replacing or substantially amending the Constitution, as well as two constitutional plebiscites with high levels of citi - zen participation that ultimately resulted in the rejec - tion of the proposed replacement texts (September 2022 and December 2023), thereby leaving the 1980 Constitution in force. In this context, it can be argued that the Chilean constitutional mining regime currently enjoys a significant degree of democratic legitimation, notwithstanding the historically contested origins of the Constitution. This does not preclude the fact that mining legislation has undergone – and continues to undergo – signifi - cant legal amendments in matters relating to mining concessions and economic public order. However, such reforms have not altered the essential structure of the mining regime, particularly the core guarantees that ensure a minimum level of regulatory stability for mining activities.

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