In addressing the media, Mining Minister Hernan de Solminihac revealed this projection, a figure that represents an eight percent increase since the last estimate was given in November 2012. The increased number has been driven by the incorporation of nine projects valued at $3.6 billion and another 20 initiatives that have updated their own investment amounts.
Of the $112 billion, $86.7 billion will be spent on copper mining of which Chile is the world’s leading producer and exporter, $21.7 billion on gold and silver mining and $3.6 billion on iron and other industrial minerals. The northern region of Antofagasta will get the most investment, with 43bn dollars, followed by the northern region of Atacama, with 34bn.
Meanwhile, neighbouring Peru which has also become a world player in mineral exports has plans to invest $57.5 billion in the mining sector in the next eight years to 2021. Investment in Peru’s mining sector is currently between $7 and $8 billion and will increase to $10 billion in 2014, according to the president of the Peruvian Society of Mining, Oil and Energy (SNMPE), Eva Arias of Sologuren.
