A new deposit in China raises concerns for the copper industry in Chile

The discovery announced by the Asian country raised concerns in Santiago about the impact it could have on the competitiveness and profitability of Chilean copper in the global market.

25 de January de 2025 08:12

Experts from the neighboring country say that Chile is falling behind in identifying new deposits.

A recent announcement from China has set off alarm bells in the Chilean mining industry . The Ministry of Natural Resources and the Geological Survey of China have revealed the discovery of a 20 million tonne copper deposit in the Tibetan Plateau , a region that is positioned as a potential competitor for Chile , currently the main exporter of this metal in the world.

The discovery includes four major mining bases : Yulong, Duolong, Julong-Jiama and Xiongcun-Zhuno . According to information released by the state broadcaster CCTV, it is estimated that the total reserves in this area could reach up to 150 million tons , consolidating the Qinghai-Tibet Plateau as a future global epicenter of copper resources. This metal is not only crucial for the technological industry , but is vital for the development of green technologies and the manufacturing of electric vehicles .

Engineer Tang Juxing , a member of the Chinese Academy of Engineering , stressed the importance of copper for “ green technologies .” According to him, the discovery not only strengthens the metal’s supply chain in China, but also ensures the sustainability of its mining sector .

For Chile , the context is worrying . The Chilean economy depends heavily on copper , which represents a significant source of income . In this regard, Manuel Viera , president of the Chilean Mining Chamber , stressed that the discovery not only has economic dimensions , but also represents an environmental challenge .

Viera warned that although the Qinghai-Tibet Plateau is home to essential mineral resources, their exploitation could prove devastating to the ecosystem .

Likewise, Gustavo Lagos, an academic at the Catholic University, highlighted that the profitability of the new deposit in China will depend on various factors, including the copper content , the layout of the deposit and the costs associated with its extraction .

On the other hand, David Montenegro , former deputy director of Sernageomin , sounded the alarm by pointing out that Chile is falling behind in the identification of new important deposits . According to Montenegro , this discovery in the Tibetan plateau should be interpreted as a strong signal for Chile to reinforce its mining exploration strategies and guarantee its position in the copper world.

 

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