Precious Metals Mining in Chile to 2020

Chile had the world’s fourth-largest gold and silver reserves, according to the United States Geological Survey (USGS), with 3,900 tonnes (t) of gold and 77,000t of silver at the start of 2014.

Chile accounted for 2% of global gold mine production in 2013, producing 1.7 million ounces, and was the fourth-largest producer in Latin America. Its silver mine production at 42.9 million ounces accounted for 4.6% of global silver mine production in the same year, and the country ranked third-highest in Latin America.

The El Penon mine was by far the largest gold and silver-producing mine with production volume of 338,200 ounces of gold and 6.5 million ounces of silver in 2013. Over the forecast period 2014–2020, gold mine production is forecast to increase to 5.2 million ounces, and silver mine production to 82 million ounces.

Scope

The report contains an overview of the Chilean precious metals (gold and silver) mining industry, together with the key growth factors and restraints affecting the industry.

It also provides information about reserves, production, production by region, Chilean vs global mine production, demand by end use, prices, the competitive landscape, and major active, exploration and development projects.

Key Highlights

• Investments in exploration in the Chilean mining industry were approximately US$1 billion in 2012, in both greenfield and brownfield projects.

• According to the Chilean Copper Commission, the nation’s mining industry has investments worth US$112.5 billion planned over 2013–2021, of which US$9.3 billion is earmarked for gold and silver mining over 2013–2016.

• Chile is the fourth-largest gold mine producer in Latin America after Peru, Mexico and Brazil, with production of 1.7 million ounces in 2013. The majority of the country’s gold mine production originates from the El Penon mine in the Antofagasta region (338,200 ounces), the Esperanza Project in the Antofagasta region (237,100 ounces), and the La Coipa mine in the Atacama region (162,400 ounces).

• The Chilean mining industry overall faces two major impediments: high energy costs stemming from insufficient generation and transmission, and the shortage of water, leading to high costs of desalinating seawater for use at mines.

Reasons to buy

Gain an understanding of the Chilean precious metals mining industry, the relevant drivers and restraining factors, reserves, historic and forecast production, prices, the competitive landscape and the country's fiscal regime.

Companies mentioned

Kinross Gold Corporation

Yamana Gold Inc.

Cerro Grande Mining Corporation

Anglo American Plc

Table of Contents

1 Executive Summary

2 Precious Metals Mining In Chile

2.1 Chilean Mining Industry Overview

2.2 Precious Metals Mining in Chile – Drivers

2.3 Precious Metals Mining in Chile – Restraints

3 Gold Mining in Chile – Reserves and Production

3.1 Reserves by Grade and Geographic Region

3.2 Historical and Forecast Production

3.2.1 Total production by region

3.3 Gold Prices

3.4 Total Production by Major Mines

3.5 Major Exploration and Development Projects

3.6 Chilean vs Global Gold Mine Production

3.7 Demand by end-use sector

4 Silver Mining in Chile – Reserves and Production

4.1 Reserves by Grades and Geographic Regions

4.2 Historical and Forecast Production

4.2.1 Total production by region

4.3 Silver Prices

4.4 Total Production by Major Mines

4.5 Major Exploration and Development Projects

4.6 Chilean vs Global Silver Mine Production

4.7 Demand by end-use sector

5 Competitive Landscape

5.1 Kinross Gold Corporation

5.2 Yamana Gold Inc.

5.3 Cerro Grande Mining Corporation

5.4 Anglo American Plc

6 Fiscal Regime

6.1 The Chilean Mining Industry – Governing Bodies

6.1.1 Ministry of Mining

6.1.2 Ministry of Energy

6.1.3 Ministry of Environment

6.1.4 Chilean Copper Commission

6.1.5 National Service of Geology and Mining

6.2 The Chilean Mining Industry – Governing Laws

6.2.1 Organic Constitutional Law on Mining Concessions

6.2.2 Mining code

6.3 The Chilean Mining Industry – Mining Licences

6.3.1 Exploration license

6.4 The Chilean Mining Industry – Rights and Obligations

6.4.1 Rights

6.4.2 Obligations

6.5 The Chilean Mining Industry – Key Fiscal Terms

6.5.1 Business profit tax

6.5.2 Tax on operational mining income

6.5.3 Other Taxes

6.5.4 Municipal duty (commercial license)

6.5.5 Real estate tax

6.5.6 Capital gains tax

6.5.7 Stamp duty tax

6.5.8 Depreciation

6.5.9 Withholding tax

6.5.10 Value added tax (VAT)

7 Appendix

7.1 What is This Report About?

7.2 Methodology

7.3 Secondary Research

7.4 Primary Research

7.5 Contact GlobalData

7.6 About GlobalData

7.7 GlobalData’s Services

7.8 Disclaimer

List of Tables

Table 1: Precious Metals Mining in Chile – Chilean Mining Investment (US$ Million), 2013–2021

Table 2: Precious Metals Mining in Chile – Investment Distribution by Stage (US$ Million), 2013–2021

Table 3: Precious Metals Mining in Chile – Gold and Silver Mining Projects (US$ Million), 2015–2020

Table 4: Gold Mining in Chile – Gold Mine Production (Thousand Ounces), 2000–2020

Table 5: Gold Mining in Chile – Major Active Mines (Thousand Ounces), 2014

Table 6: Gold Mining in Chile – Major Exploration Projects (Million Tonnes), 2014

Table 7: Gold Mining in Chile – Major Development Projects (Million Tonnes), 2014

Table 8: Silver Mining in Chile – Silver Mine Production (Million Ounces), 2000–2020

Table 9: Silver Mining in Chile – Major Active Mines (Thousand Ounces), 2014

Table 10: Silver Mining in Chile – Major Exploration Projects (Million Tonnes), 2014

Table 11: Silver Mining in Chile – Major Development Projects (Million Tonnes), 2014

Table 12: Precious Metal Mining in Chile – Kinross Gold Corporation, Major Projects, 2014

Table 13: Precious Metal Mining in Chile – Yamana Gold Inc., Major Projects, 2014

Table 14: Precious Metal Mining in Chile – Cerro Grande Mining Corporation, Major Projects, 2014

Table 15: Precious Metal Mining in Chile – Anglo American Plc, Major Projects, 2014

Table 16: The Mining Industry in Chile – Business Profit Tax (%), 2014

Table 17: The Mining Industry in Chile – Withholding Tax (%), 2014

List of Figures

Figure 1: Gold Mining in Chile – Gold Reserves (Tonnes), 2008–2013

Figure 2: Gold Mining in Chile – Gold Mine Production (Thousand Ounces), 2000–2020

Figure 3: World Nominal Gold Prices – US$/oz (2013–2020)

Figure 4: Gold Mining in Chile – Chilean vs Global Gold Mine Production (%), 2013

Figure 5: Gold Mining in Chile – Demand by End-Use (%), 2013

Figure 6: Silver Mining in Chile – Silver Reserves (Tonnes), 2009–2013

Figure 7: Silver Mining in Chile – Silver Mine Production (Million Ounces), 2000–2020

Figure 8: World Nominal Silver Prices – US$/oz (2013–2020)

Figure 9: Silver Mining in Chile – Chilean vs Global Silver Mine Production (%), 2013

Figure 10: Silver Mining in Chile – Demand by End-Use (%), 2013

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