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An ambitious pipeline of projects will take place in the next ten years, and Covid-19 does not appear to be an impediment. And, the Cochilco investment registry for the next decade (2020-2029) It considers 49 mining projects, valued at US $ 74,047 million, a figure that exceeds the 2019 estimate by more than US $ 2,100 million (1.2% more), since five new projects were incorporated.
These initiatives that are incorporated are Operational Continuity Carmen de Andacolllo of Teck with an investment of US $ 100 million, the Operational Continuity Candelaria Mine from Lundin Mining with an investment of US $ 600 million.
This also incorporates Pole on of AMSA with an investment of US $ 300 million, Archers of Nittetsu Mining, which implies an investment of US $ 200 million and the reactivation of the Kinross with an investment of US $ 995 million.
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According to Cochilco’s estimates, copper mining accounts for 89.4% of the investment of the total investment portfolio, with 35 initiatives distributed between Codelco, large and medium copper mining and metallurgical plant projects, both state and private. Most of the initiatives will come into operation in the period 2020-2024, and the first start-ups will be in 2021. In addition, 77% of all investment will materialize in the northern part of the country. Antofagasta leads with 33% of total investments, followed by Atacama with 25% and Tarapacá with 11%.
Another relevant aspect of this investment is the enormous number of jobs that mining will generate in the medium and long term. Only by 2023 it is estimated that 33 thousand new jobs will be created.
“This increase in investments compared to 2019 is great news that we want to highlight, because it means that Chilean mining continues to be attractive to national and foreign investors. This is especially relevant in times when the coronavirus pandemic has impacted the economy, employment and future economic projections in general “, said the Minister of Mining, Baldo Prokurica, adding that” however, Despite all the national and international turbulence, our mining sector will continue to be the engine of economic reactivation and employment in our country”.
In the presentation that Cochilco carried out this morning, it was also reported that 23 projects valued at US $ 43.92 billion have postponed its start-ups between one and two years. It was explained that the situation is normal in the context of a pandemic in the country.
In addition, there was investment reductions due to adjustments in the group “Other Codelco investments”, added to increases in Capex of certain initiatives that modify their initial objectives in search of higher production and / or higher profitability. The adjustment is less than US $ 650 million.
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