SANTIAGO – Chile scaled back its expectations for investment in its vast mining industry by some $30-billion over the next decade, due to fewer gold mines being developed and other projects being delayed, Mining Undersecretary Ignacio Moreno said on Thursday.
Mining investment in Chile, the world's top copper producer, was previously seen at around $105-billion from 2014 through to 2023, state copper commission Cochilco said last year.
Overall investment in the mining industry is now seen at around $74-billion between 2015 and 2024, of which copper projects account for nearly $64-billion.
"Investment in gold mining falls sharply, by over 50%," said Moreno, in reference to an updated report by Cochilco.
Among delayed projects, Barrick Gold's Pascua-Lama gold and silver project was put on hold indefinitely after the company had spent over $5-billion.