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- Mining in Chile
Mining in Chile
In Chile, mining is a crucial component of the overall economy and an age-old endeavor with a culture of its own. Although operations exist throughout the length of the country, mining reigns supreme in the Chilean north.
The sophistication and relevance attained by Chilean mining are based on:
- Resource quality, reserve base, and deposit location.
- A legal framework ensuring stability and security.
- National treatment and attractive opportunities for foreign investment.
- Highly skilled mining specialists.
- Advanced energy infrastructure and transportation network.
- Clusters of goods and services suppliers located in key mining areas.
General Country Information
Key country statistics are shown below
Table 1: Key Chile Statistics
AREA
|
|
|---|---|
Land Surface |
756,250 km2, not including Antarctic territory. |
Administrative Division |
Fifteen regions (numbered I to XV) from north to south. Santiago, the nation’s capital, stands in the Metropolitan Region. |
POPULATION |
|
Inhabitants |
16,598,074 (est. 2007) |
Annual Growth |
1.0% (2006/2007) |
Workforce |
7.202.930 personas, (may-july 2008) |
Unemployment Rate |
8,4% (may-july 2008) |
Gross Domestic Product |
|
GDP |
US$164 billion (2007) |
Rate of Growth |
5.1% (2007) |
Per Capita Income |
US$9,884 (2007) |
TRADE |
|
Exports (FOB) |
US$67.6 billion (2007) |
Imports (CIF) |
US$43.9 billion (2007) |
Exchange Rate Average |
CLP$522.5/US$1 (nominal, 2007) |
FOREIGN INVESTMENT (1974-2007) |
|
Mining |
US$21.1 billion |
Overall |
US$63.4 billion |
INFLATION
|
|
Annual Rate |
2.6% (2007) |
Source: National Statistics Institute, Central Bank, Foreign Investment Committee.
Mining in Chile
The table below illustrates mining sector performance and contribution to the overall economy in recent years.
Table 2: Key Mining Indicators
Description |
1994 |
2004 |
2007 |
|---|---|---|---|
Metals |
|||
Copper (kMTF/year) Gold (MTF/year) Silver (MTF/year) Molybdenum (kMTF/year)Iron (kMT/year) |
2,219.9
38.8 983.0 16.0 8,340.5
|
5,412.5 40.0 1.360.1 41.9 8,003.5 |
5.557,0 41,5 1.936,4 44,9 8.817,7 |
Exports (US$ FOB Mn.) |
|||
Country Mining Mining as a Share of Country Total Copper Copper as a Share of Mining Total |
11.933,6 5.424,3 45,4 % 4.485,4 37,6 % |
32.117,1 16.964,7 52,8 % 14.530,0 45,2 % |
67.644 43.547,0 65,1% 37.913,2 55,8% |
Foreign Investment Since 1974 (US$ Mn.) |
|||
Total país (mill. de US$ acum.) Minería (mill. de US$ acum.) Participación de la minería |
12.625,3 6.800,5 53,9 % |
58.672,1 19.154,5 32,6% |
64.700,5 21.147,7 32,7% |
Mining as a Share of GDP |
|||
GDP (US$ Mn.) Mining (current prices) |
52.163,4 8,0 % |
94.100,3 7,9 % |
164.058 7,3% |
Source: Chilean Copper Commission, based on National Geology and Mining Service, Central Bank, and Foreign Investment Committee reports.
Chilean Mining in the World
Chile is noted worldwide for the vastness and quality of its mining resources. Current rates of development place Chile as a world leader in some key minerals.
The table below illustrates the Chilean position on the international mining scene:
Table 3: Chile and World Mining
Key Products as a Share of World Total
Resource |
Production in 2007 |
Share of World Production |
Share of World Reserves |
Position |
Metals: |
||||
|---|---|---|---|---|
| Copper [MT] | 5,557.000 |
35.8% |
38% |
1 |
| Molybdenum [MT] | 44,912 |
20.8% |
13% |
3 |
| Silver (MT) | 1,936,5 |
9.8% |
- |
4 |
| Gold (MT) | 41.5 |
1.9% |
- |
15 |
Industrial Minerals: |
||||
| Nitrate | 1,160,384 |
100% |
100% |
1 |
| Iodine | 15,473 |
60% |
67% |
1 |
| Lithium [3] | 55,452 |
37.6% |
37.6% |
1 |
Fuentes: Minerals Commodity Summaries (USGS) y World Metal Statistics
Mining Sector Development
3.1 Copper, Gold and Silver Deposit
The degree of copper mineralization in Chile has no equal around the world. Indeed, Chile is home to some of the world’s largest, better known copper mines.
Approximately 80 percent of Chilean production comes from porphyry copper deposits rich in molybdenum, gold, and silver byproducts. Most such deposits lie in northern Chile (20º to 26º S).
The second-largest source of copper production and reserves are stratabound deposits located primarily on northern coastal areas and parts of central Chile. These contain mostly primary sulfides and some exotic copper. Vein-type deposits are nearly depleted.
Gold mineralization is abundant. While alluvial deposits can be found throughout the country, development focuses on epithermal deposits often associated with silver. Leading gold districts stand from 26º to 32º S.
