Chile govt sees $22 bln mine investment over 5 yrs
Wed Apr 9, 2008 3:05pm EDT
reuters.com
SANTIAGO, April 9 (Reuters) - Chile expects total investments of $22 billion over the next five years for new copper and gold projects as well as mine expansions, the country's mining minister said on Wednesday.
Chile is the top world copper producer and has benefited from big investments in the mining sector in the last two decades, which have helped turn the country into one of the leading economies in Latin America.
"Chile's future will continue to depend to a large extent on the mining sector," said Santiago Gonzalez.
Chile produces about 35 percent of global copper supply. Rising demand from Asian countries have boosted international prices, now near record highs.
Gonzalez said Chilean state company Codelco will make nearly half of the investments, with private companies contributing the rest.
About $10.4 billion would be spent by Codelco, and $11.5 billion by private companies, of which $3.3 billion would go for silver and gold projects.
Chile's copper production is expected to grow to 6.7 million tones up to 2015, an 18.7 percent increase from output last year.
Besides Codelco, global giants active in Chile include BHP Billiton (BHP.AX: Quote, Profile, Research), Antofagasta Minerals (ANTO.L: Quote, Profile, Research), AngloAmerican (AAL.L: Quote, Profile, Research) and Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research), among others. (Reporting by Antonio de la Jara; translated by Marcelo Teixeira; editing by Terry Wade and Marguerita Choy) |
