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08
Sep

Chile's Ministry of Mines says it needs 150 billion investment to double copper output by 2050

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       Santiago, September 1 (Reuters)-Chile's mining minister told Reuters on Wednesday that Chile needs US$150 billion in investment to achieve its goal of nearly doubling copper production by 2050. This is also one of the world's largest copper-producing countries' plans to increase production while reducing environmental impact.

   Energy and Mining Minister Juan Carlos Jobet announced a new national mining blueprint on Tuesday, aimed at improving the traceability of Chile’s copper production, reducing water consumption, and increasing the diversity of mining operations.

  Jobet revealed the details of the plan in a telephone interview the day after the blueprint was announced. Its goal is to maintain Chile's leading position in mining production as the global demand for copper and lithium soars.

       Jobet said that he expects Chile’s annual copper output to reach a record 7 million tons by 2030 and 9 million tons by 2050, but he said that the realization of the first goal depends on the 49 projects currently under consideration. The investment is 74 billion U.S. dollars. He said that at least 70% of these projects must be completed to reach the 2030 production target.

   He said: "This is an ambitious goal, but if we do it well, it can be achieved."

   Jobet told Reuters that to produce 9 million tons by 2050, “it needs to implement US$74 billion in investment between 2030-2045,” because longer-term mining projects usually take decades to see results.

  He said: "In this case...expected to increase exploration investment, more efficient use of mining concessions and copper project portfolio (similar to previous projects)."

  Jobet said that in addition to the existing producers Albemarle and SQM, the government also plans to adopt “specific measures” before the end of the year to attract new lithium miners, but declined to give details.
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