Chile is launching a major initiative to attract approximately US$100 billion in mining investment over the next decade, with a strategic focus on diversifying its copper export markets beyond China.
The country's foreign minister outlined the plan on Wednesday, describing it as the most explicit step yet by the new government to reshape the nation's role in the global copper supply chain.
The core of the strategy involves widening the group of countries purchasing Chilean copper while simultaneously expanding domestic refining capabilities.
This dual approach seeks to capture more value within Chile rather than exporting raw concentrate.
However, the move introduces a complex dynamic: increasing local refining capacity means Chilean processors will increasingly compete with established Chinese smelters for market share and feedstock.
This development aligns with broader efforts by Santiago to reduce economic dependence on its largest trading partner.