Chile’s El Teniente mine is the largest underground mine in the world and a major supplier of copper. File Photo by Mario Ruiz
Chile and Peru have announced the launch of “Project 51,” an alliance aimed at enabling the two countries to supply 51% of the world’s copper within 15 years amid forecasts of sustained demand for the mineral.
The plan also seeks to promote copper industrialization and build a value chain capable of supplying high-tech industries, including NASA.
The main goal of the agreement is to shift from exporting copper concentrates and cathodes to providing finished products and value-added services for markets such as electric vehicles, smart infrastructure and aerospace. This would allow both nations to position themselves as global suppliers of more sophisticated copper products.
Currently, Chile and Peru account for nearly 40% of global supply — Chile with a projected 5.58 million tons this year and Peru with 2.5 million tons.
The agreement was signed in Arequipa during the PERUMIN mining convention, bringing together the mining ministries of Peru and Chile to coordinate policies on traceability, responsible production and the strengthening of copper-related industries.
Chile’s mining minister, Aurora Williams, and Peru’s energy and mines minister, Jorge Montero, signed the roadmap and announced creation of permanent binational technical working groups to align investments, share technology and carry out the metallurgical transformation needed to advance the technical and commercial agenda.
Peruvian officials presented the project as an opportunity to capitalize on the growth of electric mobility and the transition to renewable energy, processes for which copper is a critical resource.
In addition to generating skilled jobs, they stressed the need to “close the production chain circle” by selling higher-value products to end clients such as NASA.
In Chile, the emphasis has been on complementarity with Peru, traceability and the prospect of consolidating responsible mining that meets global demand, while also attracting investment that respects environmental and community standards.
“We share a history, geology and common goals, which means we do not compete but complement each other in a market where projected demand shows the world needs countries like ours — responsible producers,” Williams said.
“Our minerals are traceable, we can account for their water and carbon footprints, and we also share essential values to advance mining in a world where we have the opportunity to be both protagonists and partners.”
Montero highlighted the advantages of both countries in meeting the challenge. “Imagine the strength — two nations with coasts on the South Pacific, the world’s leading copper producers, could guarantee 51% of global supply in 15 years. This will position us as strategic players in the energy transition and in electric mobility.”
If the goals are met, the alliance could significantly expand exports of finished copper products, increase government revenues and strengthen local supply chains, while positioning the Chile-Peru partnership as a key supplier for critical technologies needed in the global energy transition.
