Chile’s national development agency, Corfo, has launched an initiative aimed at promoting the extraction of strategic minerals such as cobalt and rare earth elements from mining waste.
This effort is part of Chile’s strategy to capitalise on its vast reserves of tailings, estimated at nearly 800 across the country.
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The programme includes investment of $3m–4m per project over three years, and aims to encourage innovative solutions for sustainable mining and technological development.
The call for proposals remains open until March, reflecting Chile’s commitment to addressing the demand for metals essential for the global energy transition.
Mining Minister Aurora Williams highlighted the potential of these strategic minerals, especially cobalt and rare earths, during the initiative’s unveiling.
Williams also revealed plans to modernise regulations for the construction, management, closure and reuse of tailings, with reforms set to be introduced in March.
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By GlobalDataThis regulatory overhaul aims to ensure that Chile can sustainably tap into its underutilised mineral resources.
Fernando Hentzschel, Corfo’s head of technological capabilities, underscored the agency’s focus on innovation and scalability in the extraction process.
“We are looking for triggers for technological development,” Hentzschel said, noting existing small-scale technologies for extracting cobalt and the need to scale them up.
While Chile has made progress in extracting copper from mining waste, the extraction of cobalt and rare earth elements remains largely untapped.
The initiative is part of a broader push within the country’s mining sector to maximise resource efficiency and address environmental challenges posed by tailings.
Chile announced plans in December last year to inject approximately $83.18bn (82.83trn pesos) into its mining industry through 2033.
According to a report by state-run agency Cochilco, this investment represents a 27% rise compared with the previous year’s forecast.
The increase is attributed to 11 new projects valued at around $15.66bn, including expansions by Freeport-McMoRan, Anglo American’s works at Los Bronces, Codelco’s improvements at Chuqui Subterranea and a lithium project at the Maricunga salt flat.
