Chile, the world’s leading copper producer and the second-largest source of lithium, has announced plans to invest $83.18 billion in its mining industry through 2033. The figure represents a 27 percent increase from last year’s estimate, driven by the inclusion of 11 new mining projects valued at $15.66 billion, according to a report by the state-run agency Cochilco.
The expanded investment plan underscores Chile’s efforts to secure its role as a dominant supplier of critical minerals at a time when global demand for copper and lithium is accelerating, fueled by the transition to renewable energy and electric vehicles. The new projects include major expansions by international mining firms such as Freeport-McMoRan and Anglo American, improvements at state-owned Codelco’s Chuqui Subterránea mine, and a lithium extraction initiative at the Maricunga salt flat.
Of the total investment, more than half—$42.96 billion—is slated to be spent between 2024 and 2026, reflecting an urgent push to ramp up production capacity. The focus on copper and lithium comes as Chile seeks to consolidate its position in global supply chains for these essential minerals. Cochilco’s report details 51 projects across the country, including those in the mineral-rich regions of Antofagasta and Tarapacá in northern Chile. 
The scale of the investment may grow even further. A recent $14 billion expansion plan announced by mining giant BHP was not included in Cochilco’s report, which suggests that the actual total could approach $100 billion if those projects move forward. The Chilean newspaper Diario Financiero noted that such investments would represent a historic high for the sector, signaling a period of heightened activity in one of the world’s most important mining regions.
Lithium, a key component in rechargeable batteries, has become a central focus of Chile’s strategy. The country’s mining ministry recently added six new areas for potential lithium extraction to its portfolio, supplementing six previously announced zones. These sites, spread across the Antofagasta and Tarapacá regions, are expected to attract private-sector participation alongside the efforts of state-owned copper producer Codelco.
To encourage investment, the government has extended the deadline for private companies to submit proposals from December 31 to January 31. Eligible firms must demonstrate experience in lithium production, sufficient financial resources, and control over at least 80 percent of the mining concessions in the areas they propose to develop. Cerro Pabellón in Antofagasta will follow a separate process due to the presence of a geothermal energy project already operating there.
Lithium exploration and production are not the only priorities. The newly identified zones also hold potential for polymetallic mining and clay-based lithium extraction, signaling Chile’s intent to diversify its mining portfolio. The government’s strategy seeks to balance private-sector investment with public oversight to maximize the benefits of these resources while maintaining control over their development.
Mining has been the backbone of Chile’s economy for decades, with copper driving much of the country’s growth. The Uravan Mineral Belt alone has accounted for over 80 million pounds of uranium production since 1945, while lithium’s rise in importance reflects its growing role in powering the global energy transition. The Antofagasta and Tarapacá regions, already central to Chile’s mining industry, are poised to take on an even greater role as these investments materialize.
This surge in activity comes as demand for copper and lithium intensifies worldwide. Both minerals are critical to renewable energy infrastructure, with copper being used in wind turbines, solar panels, and power grids, while lithium remains indispensable for electric vehicle batteries.
