Miners increase exploration budget for Chile
2019-12-19 13:37:44 [Print]
Mining companies lifted their combined exploration budgets in Chile to some US$654mn for 2019.
According to the latest cadaster from Chilean copper commission Cochilco, mining companies allocated 13% more (US$77mn) to exploration this year than in 2018, targeting gold in 57% of approximately 300 drill holes, followed by copper in 38% and silver in 3%. Last year, 100 holes were drilled with the focus on copper targets.
In 2019, about 23 new companies have decided to explore in Chile. Cochilco lists 108 companies with exploration projects in the country, of which 79 are juniors, 15 are medium-sized, three are Chilean (Enami) or foreign state-controlled and 11 are included in the 'other' category. Of these firms 39 have reported fieldwork during the year.
Compared with 2018, the number of major mining companies investing in exploration campaigns has increased by 14% and they now represent 93% of total investments. Junior companies increased their fieldwork by 22% this year compared to 2018, reaching 5.5% of the total.
Cochilco identified 318 exploration projects on the part of these 108 firms, with 84 of them showing fieldwork activity in October 2018-19, while 115 prospects have been halted and 119 have been abandoned.
Some 54% of these exploration projects are focused on copper, 25% on gold, 4% on lithium and 3% each on silver, cobalt and iron. Other metals, industrial minerals and coal account for 5% of the projects.
The cadaster underlines that in 2013-14 there were more projects where exploration was being carried out, but in 2015 most of them were paralyzed because of the drop in commodity prices, with many of them later being abandoned in 2018.
Over the next nine years, more than US$72bn is expected to be invested in development of projects in the Chilean mining industry.
According to the latest cadaster from Chilean copper commission Cochilco, mining companies allocated 13% more (US$77mn) to exploration this year than in 2018, targeting gold in 57% of approximately 300 drill holes, followed by copper in 38% and silver in 3%. Last year, 100 holes were drilled with the focus on copper targets.
In 2019, about 23 new companies have decided to explore in Chile. Cochilco lists 108 companies with exploration projects in the country, of which 79 are juniors, 15 are medium-sized, three are Chilean (Enami) or foreign state-controlled and 11 are included in the 'other' category. Of these firms 39 have reported fieldwork during the year.
Compared with 2018, the number of major mining companies investing in exploration campaigns has increased by 14% and they now represent 93% of total investments. Junior companies increased their fieldwork by 22% this year compared to 2018, reaching 5.5% of the total.
Cochilco identified 318 exploration projects on the part of these 108 firms, with 84 of them showing fieldwork activity in October 2018-19, while 115 prospects have been halted and 119 have been abandoned.
Some 54% of these exploration projects are focused on copper, 25% on gold, 4% on lithium and 3% each on silver, cobalt and iron. Other metals, industrial minerals and coal account for 5% of the projects.
The cadaster underlines that in 2013-14 there were more projects where exploration was being carried out, but in 2015 most of them were paralyzed because of the drop in commodity prices, with many of them later being abandoned in 2018.
Over the next nine years, more than US$72bn is expected to be invested in development of projects in the Chilean mining industry.
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