Ann: Annual Report to shareholders, page-77

Oct 8, 2018
Minister of Mining, Baldo Prokurica, also indicated that they are looking to expand foreign investment in copper and lithium reserves to boost economic growth.

Chile, in addition to copper, also holds almost half of the world's lithium reserves. Both products are key to rechargeable batteries used to make electric cars.

Chile mining minister Prokurica said the country is looking to further open its economy to foreign investment in its copper and lithium reserves as part of its "Plan B" to shore up its economic growth.

The International Energy Agency (IEA) estimates that by 2030 there will be 125 million electric vehicles, compared to 3.1 million in 2017. That total could increase to 220 million if environmental policies become stricter.

As the demand for electric cars grows, so will copper, said Prokurica, adding that the combustion vehicles use about 23 kilos of copper and practically do not contain lithium, while the electric ones use more than 80 kilos of copper, in addition to lithium batteries.

"Chile is for electric vehicles what Saudi Arabia is for crude oil," said Prokurica.