Chile’s National Mining Company (ENAMI) has officially launched a process to attract investors for its ambitious $1.7 billion overhaul of the Hernán Videla Lira copper smelter, offering long-term copper cathode supply in return.
Located in the country’s mineral-rich Atacama region, the upgraded facility is expected to significantly boost Chile’s local processing capacity. Once complete, the modernized smelter will be capable of handling 850,000 metric tons of copper concentrate annually, yielding up to 240,000 tons of refined copper cathodes per year, ENAMI said in a statement released Wednesday.
To advance the financing phase, ENAMI has appointed Chilean investment advisory firm Asset to identify and engage potential investors over the coming weeks. The state miner is considering a range of financing models, including equity partnerships and offtake agreements tied to future copper production.
As part of the project’s restructuring, ENAMI has established a dedicated business unit, Proyecta ENAMI, to oversee the smelter’s development and ensure its alignment with national industrial goals.
Chile remains the world’s leading copper producer, but much of its raw concentrate is exported to Asia—particularly China—for refining. This investment signals a strategic push to increase domestic value addition and reduce reliance on foreign processing infrastructure.
With global demand for copper surging amid the energy transition, ENAMI’s move is seen as a step toward enhancing Chile’s competitiveness and supply chain resilience in the global copper market.
