SANTIAGO, Chile, Nov. 4 (UPI) -- Latin America is projected to receive $239 billion in mining investments through 2033, a study by consulting firm PwC indicates. Chile, Brazil, Argentina and Peru are expected to be the main beneficiaries, although most of the projects are not new initiatives.
"It's a large and strategic figure in absolute terms and competitive compared with other resource-rich regions. Latin America maintains a leading position in transition minerals such as copper and lithium, as well as base minerals like iron," Carlos Rivas, senior manager for PwC Chile's mining sector consulting division, told UPI.
The analysis included projects from major mining companies such as BHP, China Shenhua Energy, Rio Tinto Group, Freeport-McMoRan, Zijin Mining Group and Glencore.
Rivas said much of the projected investment is needed for companies to maintain production levels amid declining ore grades and increasing environmental, social and governance requirements.
"New capital investment is required to address issues such as environmental permits, water, energy and logistics needs, and to diversify supply in the face of global concentration risks," Rivas said.
