Mining industry in Chile on the verge of a major break out

SANTIAGO  (Scrap Monster) : Copper, iron-ore and gold production in Chile are likely to touch new heights in a couple of years time.

Chile announced various projects that are about to commence during the current year as well as other  projects  in pipeline which may start functioning by the next year. A total of $14 billion worth projects that may come up in a span of two years is going to change the face of the country’s mining industry.

Chilean Copper Commission (Cochilco) has set a target of 5.58 million tons of copper production during this year. This is 3% higher than that of the previous year.

One of the major players, Lumina Copper has announced that production of copper at its $3 billion Caserones project will commence by February 2013 end.

Also, The Ministro Hales mine is all set to start producing 200,000 tons of copper by the end of 2013.

KGHM will start copper production at its $3.9 billion Sierra Gorda mine in 2014.

Leading iron-ore producer CAP has already announced $ 1.2 billion plans to expand operations at its Los Colorados mine and initiate production at the Cerro Negro Norte.

Barrick Gold has announced spending of additional $1.8 billion on construction at its Pascua Lama project. The company expects to start gold production during the second half of 2014.

With all the above projects on track, the mining output from Chile is believed to scale greater heights by the end of 2014.