Capstone Copper Plans US$3 Billion for Chile

CHILE · MINING

Canadian miner Capstone Copper announced on Monday 26 October 2026 a plan to invest more than US$3 billion in Chile over the next four years, with the aim of doubling its Chilean copper production by 2031. President José Antonio Kast attended the announcement at the Mantoverde mine in the Atacama Region, according to the Chilean outlets CNN Chile and BioBioChile.

The largest piece is at least US$2.3 billion for Santo Domingo, a copper and iron project that Capstone describes as fully permitted. The company’s own pages list the project at 106,000 tonnes of copper a year for its first seven years, and its latest results put a final investment decision in the fourth quarter of 2026.

Where the Money Goes

The Chilean outlets Ex-Ante, REDIMIN and Radio Maray list five items for the four-year plan, which are at least US$2.3 billion for Santo Domingo, US$220 million for two short-term growth projects at Mantoverde, US$165 million for 2026 mine development, US$150 million of sustaining capital and US$70 million for exploration. Those five items add up to US$2.905 billion, so the gap to the headline of more than US$3 billion is not itemized in the reports.

The two Mantoverde projects are Mantoverde Optimizado, a brownfield expansion that Capstone’s own pages put at US$176 million and show under construction, and a pyrite project that the board approved in July to cut sulfuric acid use by about 20%. Chilean press reports say the pyrite project adds about 3,500 tonnes of copper cathodes a year from early 2028, while the expansion lifts plant capacity from 32,000 to 45,000 tonnes of ore a day.

Santo Domingo Is the Centerpiece

Capstone’s project page describes Santo Domingo as a fully permitted open-pit copper, iron and gold project near the town of Diego de Almagro, about 35 kilometers northeast of Mantoverde. The 2024 feasibility study, cited in the company’s October 2025 release on the Orion deal, puts initial capital at US$2.3 billion and mine life at 19 years.

Orion Resource Partners agreed in October 2025 to take 25% of Santo Domingo and the nearby Sierra Norte project for up to US$360 million in cash. Of that sum, US$225 million is payable only on a positive final investment decision, which the second-quarter report of 30 July 2026 expects in the fourth quarter.

Radio Maray adds that Santo Domingo would also produce 3.7 million tonnes of high-grade iron ore, without stating the period. Capstone is also working to add cobalt, with district potential of 4,500 to 6,000 tonnes a year across Mantoverde and Santo Domingo, the Chilean press reports.

What Kast and Mas Said

Kast told the event that Chile needs more investment to grow and to create quality jobs, Radio Maray reports. CNN Chile reports that he said, in Spanish, that the world demands minerals and critical minerals and that Chile has them.

Biminister Daniel Mas, who runs both the Economy and the Mining ministries, called the announcement a sign that Chile has legal certainty again, Portal Innova reports. He also described the plan as the result of a state vision that backs private initiative and named faster permitting as a government priority.

CNN Chile’s account of the speeches says the government has approved or unblocked 180 projects worth about US$36 billion in the environmental assessment system. It adds that 150 projects worth US$39 billion have entered the system so far this year, and that the government expects to pass a small and medium mining bill within one or two weeks.

The same report says Kast may make an official visit to Canada in March, which fits Ottawa’s critical minerals push in Latin America. Capstone is a Canadian company listed in Toronto, so the investment adds a corporate link to that diplomacy.

Jobs and Local Impact

Chilean press reports say building Santo Domingo would need more than 8,000 workers at its peak and would support about 3,000 direct and indirect jobs once operating. The work would concentrate in the communes of Diego de Almagro, Chañaral and Copiapó in the Atacama Region.

REDIMIN reports that Mantoverde and Mantos Blancos employ about 7,900 own staff and contractors today. About 70% of Mantoverde workers live in Atacama and 92% of Mantos Blancos workers live in the Antofagasta Region, the same report says.

Separately, Capstone submitted its Mantos Blancos Phase II expansion for environmental review on 19 June 2026, and expanded production is expected between 2030 and 2031. The company’s release says the plan would lift the concentrator to at least 27,000 tonnes of ore a day, up from a design capacity of 20,000, and a separate analysis covers the water problem under Capstone’s Chile copper expansion.

Why Copper Supply Matters

Chile remains the world’s largest copper producer, but Cochilco, the state copper commission, estimates its 2026 output at 5.27 million tonnes, 2.6% below 2025. New supply is scarce, as the Chile copper output forecast cut showed, so a project such as Santo Domingo draws attention well beyond Atacama.

Capstone produced 225,000 tonnes of copper in 2025 and guides to 200,000 to 230,000 tonnes in 2026, according to its website and second-quarter report. The company also runs Pinto Valley in Arizona, which ties the Chilean growth plan to a miner with operations in the United States, and more Chile mining coverage follows the wider pipeline.

What It Means for You

US investors can follow Capstone through its Toronto listing under CS, its Australian listing under CSC and its over-the-counter US shares under CSCCF, the company’s investor page shows. The next hard data point is the third-quarter report due after the market close on Thursday 29 October 2026, with a conference call at 5 pm Eastern time.

Buyers of copper and copper-linked products in the US should read the plan as a long-dated supply signal, since Santo Domingo still needs a board decision and years of construction. Nothing in the announcement changes copper prices or tariffs today, and this is not investment advice.

What Is Not Known

Capstone had not posted a news release on its website for the 26 October announcement by 27 October, so the itemized figures come from Chilean press accounts of the event and not from a company filing. The five itemized amounts total US$2.905 billion, and the reports do not explain how the plan reaches more than US$3 billion.

The final investment decision on Santo Domingo is expected in the fourth quarter of 2026 but has not been taken, and Orion’s US$225 million payment depends on it. The updated capital cost after the engineering work that the second-quarter report describes, and the financing, are also still open.

Frequently Asked Questions

How much is Capstone Copper investing in Chile?

Capstone plans more than US$3 billion over four years, according to Chilean press reports of the 26 October 2026 event. At least US$2.3 billion of that is for the Santo Domingo project in the Atacama Region.

Can US investors buy Capstone Copper shares?

Capstone is listed in Toronto under CS and in Australia under CSC, and its shares also trade over the counter in the US under CSCCF. It also owns the Pinto Valley copper mine in Arizona.

When will the Santo Domingo mine be built?

No construction start date has been announced. Capstone expects a final investment decision in the fourth quarter of 2026, and it describes the project as fully permitted.

How many jobs will the projects create?

Chilean press reports say Santo Domingo would need more than 8,000 workers at peak construction. About 3,000 direct and indirect jobs would remain once the mine is operating.

Why does Chile’s copper matter to the US?

Chile is the world’s largest copper producer, and copper is used in power grids, electric vehicles and electronics. Kast said at the event that the world demands critical minerals and Chile has them.

Sources: Capstone Copper, Santo Domingo project page, accessed 27 October 2026; Capstone Copper release on the Orion investment, 13 October 2025; Capstone Copper second-quarter 2026 results, 30 July 2026; Capstone Copper third-quarter release date notice, 5 October 2026; Capstone Copper on Mantos Blancos Phase II, 19 June 2026; Capstone Copper stock information page, accessed 27 October 2026; Capstone Copper, Pinto Valley page, accessed 27 October 2026; CNN Chile, 26 October 2026; BioBioChile, 26 October 2026; Ex-Ante, 26 October 2026; REDIMIN, 26 October 2026; Radio Maray, 26 October 2026; Portal Innova, 26 October 2026; Diario Financiero on the Cochilco forecast, 11 August 2026; Reporte Minero, 10 March 2026.

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error