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UPDATE 1-Chile sees $105 billion mining investment from 2014-2023
August 25, 2014 / 4:40 PM / in 3 years

UPDATE 1-Chile sees $105 billion mining investment from 2014-2023

(Adds detail on investments, background)

SANTIAGO, Aug 25 (Reuters) - Mining investment in Chile, the world’s top copper producer, is seen at around $105 billion from this year through to 2023, state copper commission Cochilco said on Monday.

Cochilco said investment likely to be completed over the five-year period 2014-2018 totals around $30 billion, equivalent to that of the five-year 2009-2013 period.

Chile is battling sliding copper prices, rising costs and falling ore grades in its aging deposits.

The period through 2023 includes investment by Codelco, the state-run company that is the country’s largest copper operator, of $28 billion in a program of project expansion and new mines, Cochilco said.

Planned investments also feature 14 companies that are looking to implement medium- or large-scale mining projects in Chile for the first time, and nine new mining projects with an estimated investment of $8.9 billion, including seven for copper, Cochilco said.

Chile still produces about a third of the global supply of the base metal, used in construction, and no other country is likely to be able to catch up soon.

Reporting by Anthony Esposito; Writing by Rosalba O'Brien; Editing by Paul Simao and Leslie Adler

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