Industry Research Report on the Mining in Chile.

Value Chain outline

The mining industry value chain in Chile is a complex process with several interconnected stages, from the initial search for mineral deposits to the final sale of refined products in the international market. This chain is characterized by long timelines, significant investment requirements, and specialized activities at each step. The primary focus in Chile is on copper, but the industry also includes other minerals such as iron ore, gold, silver, molybdenum, and lithium. The value chain can be broadly segmented into the following key steps: Exploration and Acquisition, Mine Planning and Development, Extraction, Processing (Beneficio), Logistics and Transportation, and Commercialization.

Identification and description of each step in the value chain

• 1. Exploration and Acquisition: This is the initial phase where efforts are made to identify and locate potential mineral deposits. It involves a range of geological and geophysical techniques to assess areas that may contain economic concentrations of minerals.

  • Identification and description of segments for each step of the value chain.
    • Regional Exploration: Broad-scale geological studies, mapping, and geochemical surveys to identify areas with potential for mineralization.
    • Detailed Exploration: More focused work on identified anomalies, including detailed geological mapping, sampling (trenching, pitting), and various geophysical surveys.
    • Advanced Exploration: Involves drilling programs (e.g., diamond drilling) to define the size, shape, grade, and characteristics of a mineral deposit. This stage includes metallurgical and geomechanical studies.
    • Project Evaluation: Technical and economic studies (e.g., Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study) are conducted to determine the viability and profitability of a potential mining project.
    • Acquisition: The process of obtaining the legal rights to explore and potentially mine a discovered deposit, which can involve purchasing claims or securing agreements with existing claim holders or the state.
  • List of types of players in each segment
    • Junior exploration companies (often focused solely on exploration).
    • Major mining companies (with dedicated exploration divisions).
    • Geological consulting firms.
    • Drilling service providers.
    • Geophysical and geochemical service providers.
  • Detailed description of the main activities within each segment.
    • Regional Exploration: Literature review, satellite imagery analysis, airborne geophysical surveys, regional geochemical sampling.
    • Detailed Exploration: Grid-based soil and rock sampling, ground-based geophysical surveys, trenching, and pitting.
    • Advanced Exploration: Diamond drilling, reverse circulation drilling, core logging, detailed geological modeling, resource estimation, preliminary metallurgical testing.
    • Project Evaluation: Economic modeling, mine design, processing plant design, infrastructure planning, environmental impact assessment (EIA).
    • Acquisition: Due diligence, negotiation of purchase agreements or joint ventures, securing necessary permits and concessions.
  • List examples of key players with detailed profiles. (Detailed profiles are provided in a later section).
    • Codelco (through its exploration subsidiary).
    • Major mining companies like BHP, Anglo American, Antofagasta Minerals, Lundin Mining, Rio Tinto, Glencore, Freeport-McMoRan (they have exploration activities as part of their integrated operations).
    • Junior exploration companies (specific examples not detailed in the provided text for 2024-2025).
    • Metalproyect Group (involved in exploration).
    • Altiplano Metals (involved in exploration projects like María Luisa and Farellón).
    • NGEx (involved in the Los Helados project).
    • Pampa Metals (involved in the Morros Blancos project).

• 2. Mine Planning and Development: Once a viable deposit is identified, this stage involves detailed planning for the mine's operation and the construction of necessary infrastructure.

  • Identification and description of segments for each step of the value chain.
    • Feasibility Study & Mine Design: Finalizing the mine plan, including mining method (open pit or underground), production schedule, equipment selection, and infrastructure requirements based on detailed studies.
    • Permitting: Obtaining environmental permits (EIA approval) and other necessary authorizations to construct and operate the mine. This is often a critical and time-consuming step.
    • Financing: Securing the significant capital investment required for mine construction.
    • Construction: Building the mine infrastructure, including processing plants, roads, power lines, water supply systems, and administrative buildings.
  • List of types of players in each segment
    • Mining companies (owners and operators).
    • Engineering, Procurement, and Construction (EPC) firms.
    • Financial institutions (banks, investment funds).
    • Environmental consulting firms.
    • Construction companies.
    • Equipment manufacturers and suppliers.
  • Detailed description of the main activities within each segment.
    • Feasibility Study & Mine Design: Detailed engineering, economic analysis, risk assessment, production planning, workforce planning.
    • Permitting: Preparing and submitting environmental impact studies, engaging with regulatory agencies and local communities.
    • Financing: Developing financial models, securing debt and equity financing.
    • Construction: Site preparation, civil works, erection of processing plant structures, installation of equipment, development of mine access (ramps, shafts).
  • List examples of key players with detailed profiles. (Detailed profiles are provided in a later section).
    • Mining companies developing projects: Codelco (structural projects), BHP, Anglo American (expansions), Antofagasta Minerals (growth projects), Teck (Quebrada Blanca optimization).
    • Engineering and construction firms (specific examples not detailed in the provided text for 2024-2025).

• 3. Extraction: This is the phase where the ore is physically removed from the earth. The method of extraction depends on the type and location of the deposit.

  • Identification and description of segments for each step of the value chain.
    • Mining Operations (Open Pit): Extraction from a large, open excavation using benches and ramps.
    • Mining Operations (Underground): Extraction from deposits located deep beneath the surface through shafts and tunnels.
    • Loading and Hauling: Moving the extracted ore from the mine face to the primary crusher or processing plant.
  • List of types of players in each segment
    • Mining companies (mine owners and operators).
    • Mining contractors (for specific activities like drilling, blasting, loading, and hauling).
    • Equipment manufacturers (mining trucks, excavators, shovels, drills).
    • Suppliers of explosives and other consumables.
  • Detailed description of the main activities within each segment.
    • Mining Operations (Open Pit): Drilling blast holes, blasting the rock, loading broken rock (ore and waste) using shovels or excavators, hauling material using large mining trucks.
    • Mining Operations (Underground): Drilling, blasting, mucking (removing broken rock), hauling using trucks or conveyors, ground support installation, ventilation.
    • Loading and Hauling: Operating heavy machinery to move material efficiently and safely.
  • List examples of key players with detailed profiles. (Detailed profiles are provided in a later section).
    • Major mining companies operating mines in Chile: Codelco, BHP (Escondida), Anglo American (Los Bronces, El Soldado), Collahuasi, Antofagasta Minerals, Lundin Mining (Candelaria, Caserones), Glencore (Lomas Bayas), Freeport-McMoRan (El Abra), CAP (iron ore).
    • Mining service companies (e.g., Rocmin for drilling services).

• 4. Processing (Beneficio): This stage involves separating the valuable minerals from the waste rock (gangue) and upgrading the mineral content. The specific processes used depend on the type of ore (sulfide or oxide).

  • Identification and description of segments for each step of the value chain.
    • Crushing and Grinding: Reducing the size of the extracted ore through crushers and grinding mills.
    • Concentration (for sulfide ores): Typically involves flotation, where valuable minerals are separated from waste based on their surface properties, producing a mineral concentrate.
    • Leaching (for oxide ores): Dissolving the valuable metal from the ore using chemical solutions (e.g., sulfuric acid).
    • Solvent Extraction and Electrowinning (SX-EW) (for oxide ores): A process to purify and concentrate the leached solution and then recover the metal (e.g., copper) through electrolysis, producing high-purity cathodes.
    • Smelting and Refining (for concentrates): Heating concentrates to high temperatures to remove impurities (smelting) and then further purifying the metal through electrolysis (refining) to produce metal cathodes or other refined products.
  • List of types of players in each segment
    • Mining companies (with integrated processing plants).
    • Stand-alone processing plants (e.g., some of ENAMI's plants).
    • Technology providers for mineral processing.
    • Suppliers of reagents and chemicals.
    • Equipment manufacturers (crushers, mills, flotation cells, thickeners, electrowinning cells).
  • Detailed description of the main activities within each segment.
    • Crushing and Grinding: Utilizing crushers (jaw, cone, gyratory) and mills (SAG, ball, rod) to achieve the desired particle size for subsequent separation processes.
    • Concentration (Flotation): Adding chemical reagents to a pulp of finely ground ore and water, creating froth that carries the valuable minerals, which is then skimmed off.
    • Leaching: Piling crushed ore in heaps or placing it in tanks and applying a leaching solution to dissolve the target metal.
    • SX-EW: Using organic solvents to extract the metal ions from the pregnant leach solution, followed by electrolysis to deposit the pure metal onto cathodes.
    • Smelting and Refining: High-temperature processes in furnaces and electrolytic cells to produce refined metal from concentrates. Codelco operates the Ventanas refinery.
  • List examples of key players with detailed profiles. (Detailed profiles are provided in a later section).
    • Major mining companies with integrated processing facilities: Codelco, BHP (Escondida), Anglo American, Collahuasi, Antofagasta Minerals, Lundin Mining, Glencore (Lomas Bayas), Freeport-McMoRan (El Abra).
    • ENAMI (National Mining Company) operates plants that process ore from small and medium-scale miners.

• 5. Logistics and Transportation: Moving raw materials, consumables, and finished products between mine sites, processing plants, ports, and final destinations.

  • Identification and description of segments for each step of the value chain.
    • Mine to Plant Transport: Moving ore from the mine to the processing plant (often using large trucks, conveyors, or rail).
    • Transport of Concentrates and Cathodes: Moving processed mineral products from mine sites or processing plants to ports for export. This can involve trucks, trains, or pipelines (for concentrates).
    • Port Operations: Handling, storing, and loading mineral products onto ships for international transport.
    • Transport of Supplies: Bringing in necessary equipment, reagents, fuel, and other consumables to mine sites.
  • List of types of players in each segment
    • Mining companies (managing their own logistics or contracting it out).
    • Trucking companies.
    • Rail operators.
    • Port operators and service providers.
    • Shipping companies.
    • Logistics and freight forwarding companies.
  • Detailed description of the main activities within each segment.
    • Mine to Plant Transport: Operating and maintaining large fleets of trucks or conveyor systems to ensure continuous flow of ore.
    • Transport of Concentrates and Cathodes: Planning routes, managing logistics, ensuring secure and efficient movement of products to ports. This can involve specialized trucks or dedicated rail lines.
    • Port Operations: Loading and unloading vessels, managing stockpiles, customs clearance. Key ports for mineral exports include San Antonio, Antofagasta, and Mejillones. Some large mines have their own dedicated port facilities (e.g., Puerto Coloso for Escondida, Punta Chungo for Los Pelambres).
    • Transport of Supplies: Coordinating delivery of essential goods to often remote mine locations.
  • List examples of key players with detailed profiles. (Detailed profiles are provided in a later section).
    • Mining companies with extensive logistics operations.
    • Port operators such as those in San Antonio, Antofagasta, and Mejillones.
    • Logistics companies specializing in mining transport (e.g., Atlantis Servicios Mineros for mineral and machinery transport).
    • Ultraport (port services).

• 6. Commercialization: The sale and distribution of the final mineral products to domestic and international markets.

  • Identification and description of segments for each step of the value chain.
    • Sales and Marketing: Negotiating contracts with buyers, managing sales channels, and marketing mineral products.
    • Trading: Buying and selling mineral products in the spot or futures markets.
    • Export Operations: Managing the logistics and documentation required to export mineral products.
    • Domestic Sales: Selling mineral products to local industries (less significant for copper compared to export).
  • List of types of players in each segment
    • Mining companies (selling their own production).
    • Metal trading houses (multinational corporations).
    • Brokers and agents.
    • Large industrial consumers (e.g., refineries, manufacturers in other countries).
    • ENAMI (commercializes production from small and medium miners).
  • Detailed description of the main activities within each segment.
    • Sales and Marketing: Identifying potential buyers, negotiating prices and terms, managing customer relationships. For large mining companies, this often involves direct sales to major customers globally.
    • Trading: Managing market price risks, arbitraging between different markets.
    • Export Operations: Handling shipping arrangements, customs documentation, and compliance with international trade regulations.
    • Domestic Sales: Selling to local foundries or manufacturing industries.
  • List examples of key players with detailed profiles. (Detailed profiles are provided in a later section).
    • Major mining companies: Codelco, BHP, Anglo American, Collahuasi, Antofagasta Minerals, etc. (they handle their own commercialization).
    • Global trading houses (specific examples not detailed in the provided text).
    • ENAMI.

Show estimates of volumes and sizes of each step in the value chain.

Estimates of volumes and sizes are primarily available for production (output of the extraction and processing stages) and investment in exploration.

• Exploration:
  • In 2024, Chile's investment in copper exploration was US$637.4 million, representing 27.4% of the global budget for copper exploration.
  • Total investment in mining exploration in Chile in 2024 was US$794 million.
  • As of early 2025, there were 223 active exploration projects in Chile.
  • The Atacama region leads in exploration activity with 99 projects, followed by Antofagasta (47 projects) and Coquimbo (29 projects).

• Extraction and Processing (Production Volumes):

  • Chilean copper production grew by 4.9% in 2024, reaching a total of 5.5 million tonnes, reversing a five-year declining trend.
  • For 2025, Chilean copper production is projected to be around 5.7 million tonnes.
  • Codelco's total copper production (including joint ventures) was 1.442 million tonnes in 2024. Its own production was 1.328 million tonnes. [Table] Codelco targets 1.391 million tonnes in 2025. [Table]
  • Minera Escondida (BHP) produced 1.278 million tonnes of copper in 2024. [Table]
  • Collahuasi produced 558,611 tonnes of fine copper in 2024. [Table]
  • Antofagasta Minerals' total copper production was 223,800 tonnes in 2024 and is expected to be 660,000 to 700,000 tonnes in 2025 (group production). [Table]
  • Anglo American's attributable copper production from Chile was 112,600 tonnes in the first nine months of 2024. [Table] Production for Chile is expected to be 380,000–410,000 tonnes in 2025.
  • CAP's iron ore production was 15.1 million tonnes and despachos (dispatches) were 15.3 million tonnes in 2024. This was a decrease compared to 2023.

• Logistics and Transportation: While specific volumes for transportation at each stage are not detailed, the importance of ports for exporting mineral products is highlighted. Key ports handle significant volumes of copper and other minerals. San Antonio is the largest port by cargo volume and is crucial for copper exports. Antofagasta and Mejillones are vital for mineral exports in the north.

• Commercialization: Volumes here align with production volumes, as the vast majority of copper produced in Chile is exported, mainly to the international market. China is the principal destination for Chilean copper.

Value Chain Summary Table

Value Chain Step	Main Activities	Segments	Types of Players	Examples of Key Players (See detailed profiles below)	Estimates of Volumes/Sizes (2024/2025)
Exploration & Acquisition	Identifying and locating mineral deposits, feasibility studies, permitting, securing rights.	Regional, Detailed, Advanced Exploration; Project Evaluation; Acquisition.	Junior and Major Mining Companies, Consulting Firms, Drilling Services.	Codelco, BHP, Anglo American, Antofagasta Minerals, Lundin Mining, Rio Tinto, Glencore, Freeport-McMoRan, CAP, Metalproyect Group, Altiplano Metals, NGEx, Pampa Metals.	US$637.4M invested in copper exploration in 2024 (27.4% of global). Total mining exploration investment US$794M in 2024. 223 active projects in early 2025. Atacama leads with 99 projects.
Mine Planning & Development	Detailed mine design, infrastructure planning, environmental permitting, financing, construction.	Feasibility Study & Mine Design; Permitting; Financing; Construction.	Mining Companies, EPC Firms, Financial Institutions, Environmental Consultants, Construction Companies.	Codelco (structural projects), BHP, Anglo American (expansions), Antofagasta Minerals (growth projects), Teck (Quebrada Blanca optimization).	Significant capital investment required (specific 2024/2025 investment figures for this stage not broadly available, but project pipelines indicate billions in planned investment).
Extraction	Removal of ore from the ground (open pit or underground), loading, hauling.	Mining Operations (Open Pit/Underground); Loading and Hauling.	Mining Companies, Mining Contractors, Equipment Manufacturers, Consumable Suppliers.	Codelco, BHP (Escondida), Anglo American (Los Bronces, El Soldado), Collahuasi, Antofagasta Minerals, Lundin Mining (Candelaria, Caserones), Glencore (Lomas Bayas), Freeport-McMoRan (El Abra), CAP (iron ore), Rocmin (drilling).	Chilean copper production 5.5 million tonnes in 2024; Projected 5.7 million tonnes in 2025. CAP iron ore production 15.1 million tonnes in 2024.
Processing (Beneficio)	Crushing, grinding, concentration (flotation), leaching, solvent extraction, electrowinning, smelting, refining.	Crushing & Grinding; Concentration; Leaching; SX-EW; Smelting & Refining.	Mining Companies (integrated), Stand-alone Plants (ENAMI), Technology Providers, Chemical Suppliers, Equipment Mfrs.	Codelco (including Ventanas refinery), BHP, Anglo American, Collahuasi, Antofagasta Minerals, Lundin Mining, Glencore, Freeport-McMoRan, ENAMI.	Volumes align with extraction. Produces concentrates (copper, iron ore, etc.) and refined metals (copper cathodes). Codelco refined copper production is part of their total.
Logistics & Transportation	Moving ore to plant, transporting concentrates/cathodes to ports, port operations, transporting supplies.	Mine to Plant Transport; Transport of Concentrates and Cathodes; Port Operations; Transport of Supplies.	Mining Companies, Trucking Companies, Rail Operators, Port Operators, Shipping Companies, Logistics Firms.	Mining Companies, Port operators (San Antonio, Antofagasta, Mejillones), Ultraport, Atlantis Servicios Mineros.	San Antonio is the largest port by volume, crucial for copper exports. Antofagasta and Mejillones are key mineral ports in the north. Specific throughput volumes for 2024/2025 by mineral not readily available in the provided text.
Commercialization	Sales, marketing, trading, export operations, domestic sales.	Sales and Marketing; Trading; Export Operations; Domestic Sales.	Mining Companies, Metal Trading Houses, Brokers, Industrial Consumers, ENAMI.	Codelco, BHP, Anglo American, Collahuasi, Antofagasta Minerals, etc., ENAMI.	Volumes align with production and exports. Major export destination is China.

Examples of Main Players

Codelco: Chile's state-owned copper mining company and the world's largest copper producer. [Table] It operates seven mining divisions and the Ventanas refinery, playing a key role in the global copper market. [Table] Codelco is undertaking significant structural projects to address declining ore grades and modernize its key mines. [Table] Despite facing production declines in previous years, the company saw a slight increase in 2024 and has production targets for 2025. [Table] They acquired a 10% stake in Quebrada Blanca in September 2024. [Table] Codelco is recognized for its corporate reputation in Chile's mining sector. [Table]

BHP: A major global resources company with substantial copper operations in Chile, notably its majority ownership (57.5%) in Minera Escondida, the world's largest copper mine. [Table] BHP also operates the Pampa Norte business unit, including the Spence and Cerro Colorado mines. [Table] The company emphasizes gender inclusion and technological innovation, such as autonomous trucks at Spence. [Table] Escondida experienced significant production growth in 2024. [Table]

Anglo American: A global mining company with a significant presence in Chile's copper and other mineral sectors. [Table] They operate mines like Los Bronces and El Soldado and hold a 44% stake in the Collahuasi copper mine. [Table] Factors like lower grades at Los Bronces and plant maintenance impacted their copper production in Chile in 2024. [Table, 12] They are investing in expansions at operations like Collahuasi and are mindful of water availability challenges. [Table]

Collahuasi: A major copper mine in northern Chile, known for its significant production volume. [Table] It is a joint venture between Anglo American (44%), Glencore (44%), and Japan Collahuasi Resources BV (12%). [Table] Collahuasi reported solid operational and financial results in 2024 and is investing in growth and efficiency projects, including adding a ball mill and the Ujina Growth Project. [Table] Water supply is a significant challenge. [Table]

Antofagasta Minerals: A Chilean-based international mining group primarily focused on copper production. [Table] Part of the Luksic Group, it operates four mines in Chile: Los Pelambres, Centinela, Antucoya, and Zaldívar. [Table] The company had a strong financial performance in 2024 with increased revenue and cash flow and is investing in growth projects, including a desalination plant at Los Pelambres to address water concerns. [Table]

CAP S.A.: A Chilean holding company with significant interests in the mining sector, mainly iron ore through its subsidiary Compañía Minera del Pacífico (CMP), the principal iron ore producer on the Pacific coast of the Americas. [Table, 39] CAP is a diversified industrial company with interests in steel and infrastructure as well. [Table] CMP's production and dispatches decreased in 2024 compared to 2023, and the company's financial results were impacted by lower iron ore prices. CAP is also entering the rare earths business.

ENAMI (Empresa Nacional de Minería): While not explicitly detailed with 2024/2025 volume figures in the provided text, ENAMI is a state-owned company that plays a crucial role in supporting small and medium-scale mining in Chile. It purchases and processes their ore and commercializes the resulting products, primarily copper.

Mining Service Companies: These companies provide a wide range of specialized services across the value chain, including drilling (Rocmin), transport of minerals and machinery (Atlantis Servicios Mineros), port services (Ultraport), and general mining support services (Minabas SpA, Schwager). This ecosystem of suppliers is vital to the operation of the Chilean mining industry.

Volumes and Sizes

• Copper Production (Chile): Chile produced 5.5 million tonnes of copper in 2024, an increase of 4.9% from 2023. Projections for 2025 are around 5.7 million tonnes.
• Copper Production (Major Players, 2024):
  • Codelco (own): 1.328 million tonnes. [Table]
  • BHP (Escondida): 1.278 million tonnes. [Table]
  • Collahuasi: 558,611 tonnes. [Table]
  • Antofagasta Minerals (total): 223,800 tonnes (Note: 2025 group target is 660-700k tonnes, likely representing their operational share across their mines). [Table]
  • Anglo American (attributable from Chile, 9 months): 112,600 tonnes. [Table] Projected 380,000-410,000 tonnes for 2025.
  • Lundin Mining (total copper production, includes operations outside Chile): 369,067 tonnes. [Table]
  • Freeport-McMoRan (El Abra, 51% attributable, 2023): 98,414 tonnes. [Table] (2024 data for El Abra not explicitly provided).
• Iron Ore Production (CAP/CMP, 2024): 15.1 million tonnes produced, 15.3 million tonnes dispatched.
• Exploration Investment: US$794 million total mining exploration investment in Chile in 2024. US$637.4 million specifically for copper exploration in 2024.
• Market Share (Copper Production 2023): Codelco and BHP (Minera Escondida) together accounted for a significant portion of Chile's total copper production. Five companies collectively generate around 70% of total copper production. In 2023, Codelco produced 1.32 million tonnes and BHP 1.3 million tonnes. Collahuasi produced 617,300 tonnes in 2023.

References

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copper company aims to produce 1.391 million mt of copper in 2025*.