Chile Seeks $100 Billion in Copper to Cut China Reliance
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Key Facts
—The goal. Chile wants to attract about US$100 billion in copper investment over the next decade.
—The reason. To diversify buyers beyond China and capture rising demand, including from data centers.
—The shift. Move from exporting mostly copper concentrate to selling more refined copper.
—The dependence. Through June, Chile exported about US$19.1 billion in copper concentrate, roughly US$11.6 billion of it to China, according to government figures; a separate trade database shows Chile’s total copper exports at US$19.56 billion in 2024, though it does not break out the China share.
—The strategy. Chile is also negotiating a trade agreement with India to widen its markets.
Chile makes more copper than any country on earth, and now it wants more customers for it. In a Chile copper push it hopes will draw up to US$100 billion, the government is trying to loosen its dependence on China.
Chile is the world’s largest copper producer, and the metal is the backbone of its economy. But its customer base has become dangerously narrow, concentrated on a single giant buyer: China.
The government now wants to change that, and it is putting a big number on the ambition.
The US$100 Billion Plan
Chile aims to attract around US$100 billion in copper investment over the coming decade, according to Foreign Minister Francisco Pérez Mackenna, to expand output and move up the value chain.
A key aim is to stop exporting mainly raw copper concentrate and start selling more refined copper, which is worth more and finds a wider set of buyers.
Breaking the China Dependence
The scale of the reliance is stark. Through June, Chile exported about US$19.1 billion in copper concentrate, of which roughly US$11.6 billion went to China.
The minister called China a very important client but said the market is too concentrated, and that Chile needs to expand the number of places that buy its copper.
The Data-Center Bet
Part of the optimism rests on demand from data centers, the power-hungry backbone of the artificial-intelligence boom, which need vast amounts of copper for wiring and cooling.
To reach new buyers, Chile is negotiating a comprehensive economic partnership agreement with India, which the government hopes to close during 2026, though the U.S. and India announced a framework for an interim trade agreement in February 2026.
Why It Matters
Copper is central to the global energy transition and the AI build-out, and whoever supplies it holds real leverage.
For Chile, spreading its sales across more countries is both an economic and a strategic hedge, reducing the risk of leaning on one dominant customer.
Why the reliance on one buyer became so risky
China bought roughly 70 per cent of Chile’s copper exports in 2022, a level that left the treasury deeply exposed to a single partner’s economic rhythms.
That concentration grew steadily as Chinese smelters built huge capacity to absorb raw concentrate, while Chile’s own refining investment lagged behind.
What must happen next to make the plan real
Turning the ambition into metal requires faster permitting and fresh domestic processing plants that can produce higher-value refined copper.
State giant Codelco has already earmarked nearly US$4 billion for 2026 investments, aiming to lift output from a 25-year low struck in 2023.
Meanwhile, trade negotiators are pushing to close a comprehensive economic pact with India during this year, opening a vast new corridor for Chilean copper.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
What is Chile’s US$100 billion copper plan?
Chile aims to attract about US$100 billion in copper investment over the next decade to expand production, move toward refined copper and diversify its buyers beyond China.
Why does Chile want to reduce its reliance on China?
China buys the bulk of Chile’s copper. Through June, about US$11.6 billion of roughly US$19.1 billion in copper-concentrate exports went to China, a concentration the government considers a strategic risk.
How does Chile plan to find new buyers?
It wants to sell more higher-value refined copper and is negotiating a comprehensive economic partnership agreement with India, while courting demand from data centers.
Sources
- Bloomberg – Chile Plans $100 Billion Copper Push to Find Buyers Beyond China
- Gestión – Chile busca nuevos compradores para su cobre: el plan de los US$100.000 millones
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Sources: Foreign Minister Francisco Pérez Mackenna.
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