en.Wedoany.com Reported - Antofagasta Minerals plans to submit environmental assessments for new exploration activities at its Encierro and Volcanes copper projects in northern Chile in the fourth quarter of 2026, aiming to expand exploration scope through an Environmental Impact Statement (DIA).
The Encierro project, located in the Atacama Region, is being developed in partnership with Barrick Mining and produces gold and molybdenum in addition to copper. The Volcanes project is situated in the Antofagasta Region, one of Chile's primary mining areas. As major mining companies seek to strengthen their project portfolios amid aging deposits, stricter environmental requirements, and water resource constraints, these two assets are considered long-term growth options for the company.
Antofagasta plans to invest $95 million in exploration at Encierro and $60 million at Volcanes. This move comes at a favorable time for copper prices, which have risen significantly in recent years driven by expected demand growth from electrification, energy infrastructure, and technological transformation.
The progress of the Encierro project has drawn attention due to its recent history. A previous environmental application was terminated in 2024 after regulators determined it lacked critical information, including data on protected bird species within the project area. This background makes the new application more significant, and the adequacy of environmental information will be key to avoiding early challenges and ensuring smooth approval.
According to Antofagasta's inferred resource estimates, Encierro contains approximately 3.4 million metric tons of copper, while Volcanes contains approximately 9.5 million metric tons. These figures correspond to estimated underground copper resources and should not be interpreted as recoverable production, pending verification through technical, economic, and environmental studies as well as future permits.
The company is currently maintaining an intensive operational and investment agenda in Chile, including major works at Centinela to build seawater supply infrastructure, while managing the development of its main operating project, Los Pelambres. Additionally, the company faces permitting challenges at the Zaldívar project, planning to invest over $900 million to extend the mine's life and replace continental water sources with treated wastewater starting in 2028.
