Latin America captures only a fraction of the global mining budget despite its high geological potential
Published by Will Owen,
Editor
Global Mining Review,
One of the regions with the greatest geological wealth in the world continues to attract a limited share of mining exploration investment. Despite a scenario of strong global demand, Latin America has yet to translate its potential into discoveries at the pace required by the market. This was stated from Chile by Iván Arriagada, CEO of Antofagasta plc and speaker at the World Mining Congress 2026, during an interview with the Peruvian Institute of Mining Engineers (IIMP).
“According to data, global mining exploration reached a budget of US$12 billion in 2025, representing a marginal increase worldwide. In Latin America, we account for around 25% of global exploration spending. The rest is allocated to other regions”, he explained.
For Arriagada, without new mining projects there is a risk that the region will fail to capitalise on the leading role it could play amid the urgency to secure critical minerals. “The region is highly prospective in certain minerals found in the continent’s geology, especially copper and precious metals. Promoting exploration is a key factor in responding to the growing demand for critical minerals”, Arriagada emphasised to the IIMP.
A historic opportunity
While slow permitting processes are a determining factor, the also President of the International Council on Mining and Metals (ICMM) noted that mining countries in the region, such as Chile and Peru, are facing a historic window of opportunity that is unlikely to come again.
“We must consider that public policies can help provide stability, predictability, and enable the development of the mining sector. Chile and Peru have made significant progress in this area, but now that higher production is required, there is a tremendous opportunity to pursue greater production levels through new developments. Peru, Chile, and Latin America cannot afford to miss this opportunity”, he stated.
In a context where global electrification and technological advancement are driving demand, mining countries are called upon to secure the supply of critical minerals, with exploration as the starting point.
This approach will be part of the panel ‘From urgency to action’ at the World Mining Congress 2026, where the executive will join industry leaders to discuss how to accelerate mining development in a context of growing global demand. The event will take place from 24 – 26 June at the Lima Convention Center, and registration is now open through its official platform.
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Read the article online at: https://www.globalminingreview.com/mining/24042026/latin-america-captures-only-a-fraction-of-the-global-mining-budget-despite-its-high-geological-potential/