(Minews) - Chile’s mining industry is heating up. According to a new report by the state copper commission Cochilco, investments in the country’s mining sector are expected to reach $105 billion between 2014 and 2023.
Of the total investment, it’s reported $81 billion will go towards the copper industry while $23 billion will be used for gold, silver, iron ore another industrial mineral projects.
The massive investment will also include $28 billion in allocated funds for Codelco, the state-owned copper mining company, for new mines and the expansion of one of its major projects.
"Certain projects are currently facing delays," Cochilco executive VP Sergio Hernández said.
According to Hernández, some projects may be running behind schedule as a result of delays in securing permits or meeting new environmental and social standards, but nothing has been terminated.
"There are no trust issues here; mining investors are confident. No project has fallen through.”
Mining investments in Chile will feature 14 companies that are looking to implement medium or large-scale mining projects in the country for the first time, according to the report by Cochilco.
The planned investment will also include nine new mining projects with an estimated investment of $8.9 billion, including seven for copper.
Cochilco said once all projects are completed, the country’s copper production will exceed six million tons by 2015 and eight million tons by 2025. Gold production is expected to rise as well, increasing by 191 percent to 149,480kg a year.
Chile, the world’s top copper producer, has been battling sliding prices, rising costs and falling ore grades.
