Cutting red tape should reduce permitting time by 30-70%
Chile's Congress has passed several amendments to a bill to simplify and speed up the permitting process for investment projects.The amendments will "provide great certainty for investment projects without compromising regulatory standards or reducing current environmental and technical requirements", according to the government.
Economy minister Nicolás Grau emphasised the importance of boosting investment in Chile. Grau added that "one of the main reasons why sector permits take so long is because services are backed up" and that the new legislation should reduce permitting time by 30-70%.Chile is the world's largest copper producer. According to Chile's state copper commission, Cochilco, copper production reached around 5.4Mt last year. Cochilco expects copper production to peak in 2027 at 6.1Mt before dropping slightly to 5.5Mt in 2034. Around 88% of that would be copper concentrate, and 12% copper cathode, or 4.86Mt and 681,000t, respectively."Copper cathode production will progressively decline due to the depletion of oxides and the lack of projects to extend the useful life of these operations; on the other hand, concentrate production will strengthen given the greater availability of sulphide minerals, the installed capacity in flotation plants, and a portfolio of strategic projects," Cochilco said in January.However, despite the declining production, Chile is still projected to remain the leading global copper producer. Its share of global copper production is expected to increase from 23.6% in 2024 to 27.3% in 2034."Chile will continue to lead global copper production in the coming years, which reflects the stability and confidence that our country offers to investment and industry", Chile's mining minister Aurora Williams said.
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