Colombia always had the potential to become a major mining jurisdiction but the mining sector is now completely frozen. There is a high level of uncertainty due to the governments push to reform the mining code, create a state mining company, and new a environmental decree.
Chile continues to be a dominant force in the global mining industry, with substantial investment directed toward copper projects, while gold developments have received comparatively less attention. The recent commencement of construction at Rio2 Limited’s Fenix Gold Project underscores the country’s ongoing efforts to diversify its mining sector.
Peru is a prime destination for mining suppliers due to the USD$55b project pipeline. As the second-largest producer of copper globally, Peruvian miners have significantly increased their investments in advanced technology, equipment, and services, making the country an attractive market for suppliers. As we approach 2025, several projects are worth watching closely, as they have the potential to begin construction in the near future.
The Chilean mining industry has been grappling with significant challenges over the last few years but is now entering a transformative era of mining investment potentialy growing its project pipeline to over USD$80b. This year there have been major announcements including $13.7 billion from BHP, $7.57 billion from Antofagasta Minerals, and $7.5 billion from Freeport and Codelco to expand El Abra.
Teck Resources has emerged as a leading copper producer focused on growth. It started some years ago as it acquired and advanced base metal projects in both Peru and Chile. It now has one of the best copper pipelines out of any major producer.
Ecuador has incredible potential to become a major copper and gold producer. In recent months, the mining sector has had positive news with projects starting to advance as they have overcome obstacles related to community relations and permitting. Although there is some positive signs that the project pipeline is starting to advance, there is still a long road ahead for the country to become a major mining jurisdiction.
Chile has been very clear abouts its lofty goals to build a world leading hydrogen industry. The US$11bn HNH Green Amonia Project is the latest project to be submitted to the environmental review process and the largest investment project that has ever entered the Environmental Impact Assessment System to date. Regardless of whether the project is approved, this is an important sign for the industry which needs a healthy pipeline of projects to be advancing.
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