Mining investment in Chile through 2020 should total $100 billion, of which more than three quarrters will come from the private sector, mining association Sonami said on April 9th according to a Reuters report, as miners scramble to boost holdings amid high prices for many commodities. Chile, the top copper mining country, is seen producing some 7.5 Mt of copper annually within eight years, up from about 5.2 Mt in 2011. Sonami raised its estimate from its previous investment expectation of $80 billion in the 2011 to 2018 period. In early March 2012, the Chilean government increased its forecast for total investments in the mining sector through 2020 by 37% to $91.46 billion.

Chile is the world’s leading copper producer, accounting for a third of global supply, as well as being a key mining nation for other metals such as molybdenum, gold and silver. The world’s top copper producing company, state-owned Codelco, has several key projects planned as part of its long-term investment valued at about $17 billion to boost output to more than 2.1 Mt by 2020 and counteract dwindling ore grades. These include Ministro Hales, Chuquicamata Underground, Andina Expansion and El Teniente New Mine Level.