Chile Mining Report Q1 2015 - New Market Report

Chile's mining sector will see subdued average annual growth of 1.2% in 201 5 -2018. T he country's stable political and business environments, and significant mineral reserves, will encourage continued sector investment . Yet elevated operational costs, lagging productivity, regulatory changes, and subdued copper and precious metal prices will limit sector growth and miners' expansion plans .

Copper production will dominate Chile's mining sector for the foreseeable future, though the country's global share of output is set to decline from 32.8% in 2013 to 30.6% in 2018. In the first ten months of 2014, the metal accounted for approximately 92% of mining exports as measured in dollar terms and nearly 50% of the country's total exports. However, the latter represents a decline from 2010, when copper accounted for slightly over 58% of the country's total exports. Ultimately, we expect the mining industry to be hit by lower copper prices, which we forecast will average lower year-on-year (y-o-y) to 2018, with prices averaging USD6,500/tonne in 2015. Still, the pipeline of copper projects and the country's global dominance in copper production will ensure the country maintains its lead despite falling ore grades and lagging productivity.

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Investment To Continue, But Delays To Moderate Sector Growth


State-owned Codelco will remain Chile's largest copper miner as measured in output, and indeed the largest copper miner globally, through 2018. The company recently pushed back its forecast for 2.0mnt of copper output annually to 2025 though, from its earlier target of 2020, due to disagreements with the Chilean government over annual investment levels. While the Chilean government recently agreed to provide USD4bn of financing to 2018, the firm also issued USD980mn worth of 30-year unsecured bonds in Q414 to raise additional funds for investment.

The Chile Mining Report has been researched at source and features Business Monitor International (BMI)'s mining and commodity forecasts for metals, minerals and gems, covering all major indicators including reserves, production, exports and values. The report also analyses trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Chile Mining Report provides industry strategists, service companies, company analysts and consultants, government departments, trade associations and regulatory bodies with BMI's independent forecasts and competitive intelligence on the mining industry in Chile.

Key Benefits

* Use BMI's independent industry forecasts on Chile to test other views - a key input for successful budgeting and planning in this mining market.
* Target business opportunities and risks in Chile's mining sector through our reviews of latest mining industry trends, regulatory changes and major deals, projects and investments in Chile.

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