Chile lowers mining investment forecast to $69 billion by 2030

Chile's national copper commission, Cochilco, said on Monday that the country would receive $68.9 billion in mining investment by the end of the decade, down 6.9 per cent from previous forecasts because two projects had been removed from the pipeline.

Cochilco said it had added five new mining projects involving copper, gold, iron and industrial minerals.

About 27.8 per cent of the pipeline value will be concentrated in state-owned miners Codelco and Enami, with the vast majority of the money going to copper mining. Chile is the world's largest producer of copper.

Codelco postponed the operation of its $3.2 billion Expansion Andina copper project until 2035. It also cut investment costs worth $1.95 billion.

Neighboring Peru is the world's second-largest copper producer, and the government estimates the value of pipelines for its mining projects at about $50 billion.