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The Mineral Industry of Chile in 2014

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The Mineral Industry of Chile in 2014 2014 Minerals Yearbook CHILE U.S. Department of the Interior October 2017 U.S. Geological Survey THE MINERAL INDUSTRY OF CHILE By Susan Wacaster Chile’s position in the world’s mineral economy was that of a accounted for by the mining sector—4.9% by state-owned leading producer of copper, gold, iodine, lithium, molybdenum, Corporación National del Cobre (CODELCO) and 5.1% by natural nitrates, rhenium, silver, and zinc. In 2014, Chile private mining operations. The mining sector’s contribution to continued to be the world’s leading producer of mined copper, Government revenue between 2003 and 2013 averaged about accounting for 31% of the total; iodine, 66%; and rhenium, 20% annually but had been decreasing since 2008. The decrease 56%. Chile was the world’s second-ranked producer of lithium, was directly related to a downturn in international prices for accounting for 36% of total mine production after Australia copper. Since 2012, the average annual rate of growth of the (with less than a 1% difference), and mined boron (ulexite), price of refined copper on both the London Metal Exchange accounting for 10% of total production after Turkey (which and the New York Metal Exchange decreased by an average accounted for 70% of world production). Chile was the world’s annual rate of 8%. In turn, the average annual rate of growth third-ranked producer of molybdenum, accounting for 17% of of copper mine production in Chile increased by 3% per year. world production after China (37% of world production) and Mining sector activities contributed significantly to other the United States (24%); and the fifth-ranked producer of mined economic sectors in Chile. The mining sector consumed up silver, accounting for 6% of world production after Mexico to one-third of the electric power generated in Chile in 2014; (19%), China (15%), Peru (14%), and Australia (6%). Chile accounted for about 55% to 60% of sea freight exports in 2013 was estimated to have accounted for 3% of the world’s mine and 2014, respectively; and contributed $43 billion to the output of potash [potassium oxide (K2O equivalent)]; 3.0%, salt construction sector between 2008 and 2013 (Comisión Chilena (sodium chloride); 2%, gold; and 2%, sulfur (Apodaca, 2016; del Cobre, 2015, p. 151–152; SR Comunicaciones, 2014, p. 42; Bolen, 2016; Brininstool, 2016; Crangle, 2016; George, 2016a, b; 2015, p. 60; Comisión Económica para América Latina y el Jasinski, 2016; Jaskula, 2016; Polyak, 2016; Schnebele, 2016). Caribe, 2016). In 2014, the nominal gross domestic product (GDP) of Chile was $258 billion, which was the sixth-ranked GDP in the region Government Policies and Programs after Brazil, Mexico, Venezuela, Argentina, and Colombia, and accounted for 4% of the GDP of the countries of Latin America The Government of Chile, through the Ministerio de Minería and the Caribbean. Chile’s per capita GDP of $14,418 was [Ministry of Mines], exercises control of the mineral industry seventh in the Latin America and Caribbean region, but the per through state-owned companies and regulatory agencies, capita GDP varied greatly by administrative region in Chile, including the Chilean Copper Commission (COCHILCO), primarily as a function of the magnitude of the mining industry CODELCO, Empresa Nacional de Minería [National Mining across the country. In 2014, the year-on-year rate of growth Co. (ENAMI)], and Empresa Nacional del Petróleo [National of real GDP increased by 1.9% compared with that of 2013 to Petroleum Co. (ENAP)]. COCHILCO was created in 1976 $258 billion (Comisión Económica para América Latina y el by law No 1349. The legal framework for mining in Chile is Caribe, 2016). based on the country’s Organic Constitutional Law on Mining Concessions of 1982 and the Chilean Mining Code of 1983. Minerals in the National Economy On June 16, 2005, the Government passed law No. 20026 to establish a mining-specific tax (royalty), which modified After decreasing gradually since the early 2000s, the value of both the applicable Mining Code (law No. 18248) and mining as a percentage of Chile’s real GDP has remained constant the 1974 foreign investment statute, known as Decree at 12% from 2011 through 2014, and the value of copper mining Law 600 (D.L. 600). D.L. 600, which is an optional investment remained constant at 11% of real GDP during the same time mechanism available to foreign companies, corporations, states, period. In 2014, the value of mineral sector production in Chile and individuals; international organizations; and Chilean entities decreased by 6% compared with that of 2013 to $29 billion. The and individuals domiciled abroad, facilitated almost 60% of value of copper mine production alone accounted for $28 billion. the foreign capital entering Chile between 1974 and 2011. In The amount of primary copper produced from smelters decreased 2014, the Senate Finance Committee voted to abolish D.L. 600. by 4% in 2014 compared with 2013, and refined copper The mining industry was opposed to abolishing the provision (electrowon and primary copper) output decreased by 4% (table 1; owing to the potential for decreased foreign investment in the Comisión Chilena del Cobre, 2015, p. 60; Comisión Económica sector. D.L. 600 was used frequently by the mining sector, as it para América Latina y el Caribe, 2016). grants investors a fixed corporate income tax rate for 10 years In 2013 (the most recent year for which data were available), for mining projects worth at least $50 million. The issue had the Government’s general tax revenue from all sectors of the not been resolved by yearend 2014 and was to be debated in economy amounted to $54 million,1 about 10% of which was Congress in 2015 (Abarca, 2014a, b; Carcelen and Lewin, 2015; Comisión Chilena del Cobre, 2016c; Foreign Investment 1Where necessary values have been converted from Chilean pesos (CLP) to Promotion Agency, 2016). U.S. dollars (US$) at an average rate of CLP570.37=US$1.00 for 2014. Chile—2014 7.1 In 2006, the Government passed the Fiscal Responsibility acid plants, and 2 years for other industrial emission sources of Law (FRL), and in 2007, the Economic and Social Stabilization arsenic. Existing emission sources are required to capture 95% Fund (ESSF) was established to manage revenues from mining of their sulfur and arsenic emissions. For new emission sources, royalty payments and from CODELCO. The ESSF was emissions are to be limited to 2% or less of the weight of the established with an initial contribution of $2.6 billion, most of sulfur received by the new sources and 0.024% or less of the which was from a similar fund that managed payments from weight of the arsenic received. Under the agreement, maximum the copper sector. The purpose of the ESSF is to finance budget hourly stack emission rates are to be implemented for existing deficits and to pay public debt when adverse economic cycles and new emission sources, and continuous emissions monitoring result in decreased revenue from mining. The market value systems that are in accordance with U.S. Environmental of the ESSF had decreased since 2009 to about $15 billion by Protection Agency standards are to be installed within 1 year yearend 2014 (Ministerio de Hacienda, 2015a, b). of the date of publication of the new regulations (Beveridge & Chile’s main environmental law, law No. 19.300, was Diamond, P.C., 2013). approved on March 9, 1994, and was supplemented on December 7, 2002, by Decreto Supremo 95, which requires Production environmental impact statements for any new investment projects that involve either exploration for or extraction Reported production of many metals decreased in 2014 of the country’s natural resources (including minerals). In compared with that of 2013 (and, in some cases, for multiple July 2011, the Chilean Congress approved law No. 20.551 years), including the total of copper products, mined gold, pig to regulate the closure and environmental remediation of iron, and crude steel, whereas others increased significantly, mine sites and installations, and the law entered into force on such as lead, silver, and zinc. The gross weight and the iron November 11, 2012. On June 18, 2012, the Chilean Congress content of iron ore and concentrate production increased by approved law No. 20.600, which established new environmental 10% and 4%, respectively, compared with 2013. Iron ore and courts charged with the resolution of any complaints relating concentrate production increased since 2010 owing to domestic to emissions, decontamination plans, environmental damage capacity expansion. Lead production increased in 2013 and remediation measures, and environmental disputes (Carcelen and 2014 by 346% and 46%, respectively, owing to increased Lewin, 2015; Biblioteca del Congreso Nacional de Chile, 2016). grade in mined ores. Molybdenum production increased in The Superintendencia del Medioambiente de Chile [Council 2013 and 2014 by 10% and 26%, respectively, as a byproduct of Ministers for Sustainability] (SMA) is a decentralized of copper mine production. In 2014, total copper production agency under the Ministerio de Medioambiente (Ministry of the decreased by less than 1% compared with that of 2013, but Environment). The SMA administers, coordinates, and organizes from 2010 to 2013, total copper production decreased at an the control and monitoring of environmental issues in the average annual rate of 5%. In 2014, gold mine production country. The agency became fully functional in 2012. Since that decreased by 10% after having increased each year from 2010 time, the SMA has been responsible for fines against Barrick to 2013. Pig iron and crude steel production decreased by 26% Gold Corp. of Canada for water contamination at the Pascua and 15%, respectively, in 2014 after even greater decreases Lama project; Anglo American plc of England for deforestation in 2013.
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