Mining investments worth $50bn to boost steel demand in Chile

Chile is to receive in the next five years investments worth around $109 billion that will stimulate domestic steel demand, according to a study commissioned by the country’s steel institute, Icha.

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The bulk of the investments –nearly $50 billion – will be in mining projects, the survey conducted by capital goods and technology institute Corporación de Bienes de Capital (CBC) said.

This will be followed by investment in energy, housing construction and public infrastructure works, the study said.

The private sector is predicted to provide $84.6 billion of the total while public funding should amount to $24.8 billion.

Chile’s northern Antofagasta and coastal Valparaíso regions are expected to receive the major portions of the planned public investments, accounting for 41.5% and 24.5%, respectively, according to CBC.

The country’s capital city, Santiago, is expected to receive about $3 billion.

Apparent steel consumption in Chile increased by 12% year-on-year in the first quarter of 2012, totalling 739,000 tonnes, according to the latest figures published by Icha.

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