PRESS: Chile eyes USD100 billion copper investment to diversify buyers
(Alliance News) - Chile is targeting around USD100 billion of investment in its copper industry over the next decade as it seeks to diversify its customer base beyond China and capitalise on rising demand from artificial intelligence data centres, Bloomberg reported on Wednesday.
Speaking at Bloomberg's Sustainable Business Summit in Singapore, Chilean Foreign Affairs Minister Francisco Perez Mackenna said the country aims to expand exports of refined copper rather than concentrate, requiring significant investment in processing capacity.
While China is expected to remain a key customer, Chile is seeking to broaden demand as global investment in power grids, electric vehicles and AI infrastructure boosts copper consumption.
Perez Mackenna also said Chile has begun negotiating a free trade agreement with India as part of efforts to expand export markets.
Bloomberg noted that changing market dynamics have already prompted Chile-focused miner Antofagasta PLC to propose linking annual copper concentrate contracts to spot-market indexes rather than fixed treatment and refining charges. Shares in the company were up 1.2% at 3,708.00 pence in London on Wednesday.
By Eva Castanedo, Alliance News senior economics reporter
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