en.Wedoany.com Reported - The United States is accelerating its role as a key partner in Chile's mining industry, with international mining giants such as Freeport-McMoRan, Albemarle, and Newmont having invested $24.2 billion in expansion projects, while a number of small enterprises and startups have also chosen Chile to validate their technologies.
As major global economies compete to secure stable supplies of critical minerals, Chile has become a focal point due to its vast geological potential and openness to foreign investment. Although China remains Chile's largest trading partner, and Canada, Japan, and Australia are the main foreign investors in its mining sector, a recent joint statement between the U.S. and Chile on strengthening cooperation in critical minerals and rare earths could reshape this landscape.
From 2020 to 2025, Chile's annual mineral exports to the U.S. are valued at $9.412 billion, with an average annual growth rate of 24.4%. Copper exports alone account for $8.684 billion annually, growing by 26.5%. In 2025, Chilean electrolytic copper will represent 54% of total U.S. imports, while rhenium, iodine, and lithium hydroxide will account for 95%, 88%, and 82%, respectively. Additionally, Chile exports lithium carbonate, gold, and silver bullion to the U.S.
Freeport-McMoRan, through its local subsidiary Minera El Abra, is investing $7.5 billion to extend the life of the El Abra copper mine by 40 years and increase production. Albemarle plans to invest $3.1 billion in a project at the Salar de Atacama using Direct Lithium Extraction (DLE) technology, aiming to nearly triple its current capacity. Newmont is advancing two greenfield projects through partnerships: NuevaUnión and Norte Abierto. The NuevaUnión project is expected to require $7.2 billion in investment and, once operational, could produce 190,000 tons of copper and 315,000 ounces of gold annually over its first 10 years. The Norte Abierto project, with an investment of approximately $6 billion, will develop a combined mine including Cerro Casale and Caspiche.
Atana Elements, a company focused on lithium and critical mineral exploration, raised $27.5 million in June to expand its operations in Latin America, with a focus on Chile, and plans to seek local partners. Chilean Cobalt Corp (CCC) is advancing the La Cobaltera project, which requires an investment of $400 million and aims to produce 3,000 to 5,000 tons of cobalt concentrate and 20,000 to 25,000 tons of copper concentrate annually over a 15-year mine life, with products intended for processing in the U.S. CCC has also secured a $317 million loan from the U.S. Export-Import Bank to support La Cobaltera and other projects, including the NeoRe ion-adsorption rare earth project.
Among startups, DLE technology developer Pureli has joined a project with the Chile Foundation and the Chilean Development Agency (Corfo) to scale up and validate its solution in Chile. The company believes that Chile, holding approximately 25% of global lithium reserves, offers a "strategic opportunity" for implementing its process.
