Mining in Chile: History

Although it occupies less than 1% of the Earth’s surface, Chile is the world’s leading producer of copper and has an increasing stake in the global gold market. Chile’s history has been inextricably linked to mining ever since the Incas briefly extended their empire to northern region of the country in 1460. The search for gold drew Spanish Conquistadors led by Diego de Almagro to Chile from Peru in 1535. Although Peru and Mexico are historically better known for precious metals, by the dawn of the 19th century Chile was producing as much gold as Peru and Mexico combined. After Chile won its independence in 1810, the economy began a transition from agricultural exports to mining that has continued ever since. 

Mining in Chile: Today

Chile is the world’s largest producer of copper, responsible for more than 1/3 of global output and claiming roughly 40% of the world’s known copper deposits. The country has long been recognized as the mining capital of Latin America. The government of Chile is politically stable and its policies and regulations reflect the importance of mining to the Chilean economy.  As Chilean Mining Minister Laurence Golborne plainly stated, “Mining is Chile’s economic engine. Through State policies with a long term vision that promote expansion and development, we want to transform mining in the heart of our country.” The Chilean Copper Mining Commission estimates foreign and domestic investment in copper and gold mining from to reach $50 billion by 2015.