Insight

What's at stake in Chile's constitutional overhaul? (Part 1)

29 April 2022

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29 April 2022

What's at stake in Chile's constitutional overhaul? (Part 1)

Report summary

Chile’s constitutional convention will put forward a proposed text in July. Reports suggest the proposal will include many articles which would cause profound change to the stakeholder/regulatory landscape. The mining industry is the implicit target of many of the slated environmental policies, with huge consequences for the viability of existing operations. Broadening nationalisation of mining assets, potentially via expropriation, could result from the most radical of proposals under consideration. The result of September’s referendum on the new constitution looks increasingly important for the mining industry. Verisk Maplecroft and Wood Mackenzie will collaborate on a series of insights assessing what Chile’s reform agenda means for the M&M sector. In this insight, we focus on the constitutional process underway and what it means for companies and commodities.

A disorderly process has spurred rejectionism
Radical policy proposals are taking a toll on consistency, and legal quagmires pile up
The heartland of mature assets
Chile’s dominance in transition resources is fading amongst uncertainty
Investment is stalling

Tables and charts

This report includes 3 images and tables including:

Figure 2: Chile – Convention’s technical output and risk-likelihood for extractive industries (as of 28 April 2022)
Figure 3: Chile - Copper equivalent production exposure for listed companies, 2021 and 2030
Figure 4: Chile - Capital expenditure for metals and mining projects, 2015-25 (US$ millions)