Latin American mining sector sees growth in copper and lithium projects

mining industry copper prices lithium production green ammonia energy transition

The Latin American mining sector is undergoing significant shifts driven by the global energy transition and supply constraints. Bank of America projects that copper prices could rise 18.3% to US$15,250 per ton by 2027, citing structural supply deficits despite slowing demand in China and the West.

In Chile, the industry is focusing on decarbonization and new partnerships. Codelco and Pucobre have formed a joint venture for the US$870 million Tovaku copper project, aiming for production by 2030. Additionally, the HNH ENERGY green ammonia project in Magallanes has received an environmental recommendation for approval, involving an US$11,000 million investment. While 78% of copper mining electricity in Chile came from renewable sources in 2024, challenges remain regarding continuous supply and electrification.

Argentina is positioning itself as a major player in critical minerals, with nine advanced copper projects potentially exceeding 1.5 million tons annually by 2035. Although mineral exports reached US$6,100 million in 2025, the sector remains heavily reliant on gold, lithium, and silver. Meanwhile, Summa Gold in Peru reported a 12.9% increase in gold production for early 2026, even as national gold production saw a slight decline.

Entities

Arcadis · Argentina · Bank of America · Chile · Codelco · Consejo de Políticas de Infraestructura · Ecuador · OECD · Pucobre · Summa Gold Corporation · World Bank

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] The SEA of the Magallanes Region recommended the approval of the HNH ENERGY green ammonia project. www.energiaspatagonicas.com
[○ 1 SOURCE] Summa Gold recorded a 12.9% growth in cumulative gold production between January and May 2026. mineriaenergia.com
[○ 1 SOURCE] The HNH ENERGY green ammonia project involves an investment of US$11,000 million and a 50-year lifespan. www.energiaspatagonicas.com
[○ 1 SOURCE] Bank of America projects copper prices will reach an average of US$15,250 per ton in 2027. diariofinanciero.do
[○ 1 SOURCE] Argentina exported US$6,100 million in minerals in 2025, with 95% coming from gold, lithium, and silver. www.formosadeportiva.com.ar
[● 2 SOURCES] Codelco and Pucobre formed a joint venture for the Tovaku copper project with an estimated investment of US$870 million. www.nuevamineria.com · elreferente.cl
[○ 1 SOURCE] Bank of America estimates copper prices at US$12,888 for the current year. diariofinanciero.do
[○ 1 SOURCE] In 2024, 78% of the electricity consumption of copper mining in Chile came from renewable sources. mundominero.com.ec