Beyond copper: Cochilco bets on Chilean gold and will increase its production by 28% in 2024 | Economy

From the Chilean Copper Commission (Cochilco) attention is being paid to the “great potential” that this metal has, from where an eventual investment is being projected for a price close to US$ 2,835 million.

Through a report by the Chilean Copper Commission (Cochilco) revealed an eventual increase of 28.6% in the production of chilean gold towards the year 2024.

This was confirmed together with the entry into operation of the projects Salares Norte, from Gold Fields, and La Coipa, from Kinross, which would total a total of 45 tons.

As a result of this, it is also that Cochilco warned of a greater diversification in its use, which highlighted the use of Chilean gold. in technology and industry.

In conversation with him Financial Journal, the director of Studies and Public Policies of the entity, Victor Gary, detailed the potential of this metal.

“Gold mining in Chile is quite relevant, considering that the value of the gold projects that are in the mining investment registry of Cochilco 2021-2030 reaches US$ 2,835 million”, said.

Chilean gold production

In this context, it should be noted that the production of gold in Chile It is mostly secondary since copper is given greater relevance within the international market and the same London Metal Exchange.

In addition, it is extracted as a by-product of the mining of the same copper and other metals, being only 33% comes from gold deposits, as confirmed this afternoon by Cochilco.

According to the Federal District, gold is a beloved metal among investors, which was made evident at the beginning of this year, when its price rose due to the war between Russia and Ukraine.

This impulse began to weaken due to the rise in rates in the US, which made financial investments more attractive.

Gold registered in August a price of US$1,712.4 per ounce, recording a drop of 5.9% compared to the last price of 2021. This date was the last time that a maximum was registered in its value, when each gram of gold to pawn cost the sum of $14,000.

Despite this, the fundamentals of the market argue for a high price and in light of this, Cochilco estimated a tightness in the gold market. The above, with a supply that would grow 1.8% this year and a demand that will expand by 2.3%.

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